NAMA takes over control of 'landbank' site with €90m debt
The National Asset Management Agency (NAMA) has moved against developer David Agar, taking control of a "land-bank" development site with debts of €90m.
NAMA has appointed Aiden Murphy, a partner at accountancy firm Horwath Bastow Charleton, as receiver over the assets of three companies linked to the developer: Dasnoc, Heratt and Sammark.
According to accounts filed with the Companies' Office, the firms have combined debts of around €90m, used to buy up greenfield development land in counties Dublin and Wicklow.
The land has not been developed which means realising value from the sites will be "slow and difficult", according to Mr Murphy.
NAMA is understood to have become the main lender to the three firms after buying the debts from AIB, as part of the transfer of toxic debt to the State's bad bank.
Mr Agar was a major property player during the boom.
In addition to the sites now controlled by NAMA, he was also behind the €340m Beacon Court scheme and the Profile Park industrial estate in south Dublin, home to Google's €75m state-of-the-art data centre.