Tuesday 17 October 2017

NAMA seizes 16 additional properties connected to Paddy Kelly

property

Donal O'Donovan

Donal O'Donovan

NAMA has seized 16 more properties connected to developer Paddy Kelly's sprawling property empire.

The haul includes pubs in Dublin, around 100 acres of development land in Wicklow and Kilkenny and a number of office properties.

Property receivers from Savills were appointed to 15 of the 16 assets last night, including the pubs and the rural development sites.

A receiver from KPMG has been appointed to a suite of offices in Dublin.

The pub properties seized include Grey's of Newmarket in the Coombe area of Dublin; and the Chancery Inn and Legal Eagle close to the Four Courts.

As well as the pubs, the assets taken into receivership include 61 acres close to Mt Usher in Wicklow; a 32-acre site in Co Kilkenny; an office block in Deansgrange in south Dublin and office suites in Dublin city.

Receivership

The businesses themselves are not in receivership, only the properties, so trading will not be affected by the process.

Debts on the properties are owed by Mr Kelly, his son Simon and around eight other borrowers.

Sources said Mr Kelly is a borrower on all of the facilities but brought a different mix of co-investors into each of the deals alongside him.

The other borrowers are understood to be low profile and were caught up in the NAMA receivership because they are co-borrowers alongside Mr Kelly.

In March NAMA seized control of seven hotels and a swathe of other properties connected to Mr Kelly after he failed to agree a plan with the bad bank to sell off assets and start paying back debts of more than €1.5bn.

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