independent

Wednesday 16 April 2014

Repayment by Lalco agreed with NAMA

GALWAY developer John Lally's Lalco Holdings, which has net liabilities of €393m, has agreed a repayment plan with NAMA to conclude in 2020.

The agreement is revealed in accounts filed by a Lalco subsidiary, Devano Developments, which sustained a €15.49m loss in 2011 that brought accumulated losses to €195.2m at the end of December 2011.

The loss in 2011 included a writedown of €9.4m in stock – with impairments at €170.5m.

Bank loans of €235.3m, together with loans from other Lalco group firms, were transferred to NAMA in August 2010.

Devano's net liability position at the end of December 2011 totalled €195.2m.

Separate filings for another Lalco subsidiary, Sova Properties, show it recorded a €11.89m loss in 2011 that resulted in accumulated losses of €75.8m at the end of December 2011. The loss in 2011 included a writedown of €9.3m.

Bank loans of €119.3m were transferred to NAMA.

In 2006, Mr Lally purchased a Co Wicklow estate containing Humewood Castle for €25m, with plans for a €250m golf development. In December, it emerged that US billionaire John Malone bought Humewood Castle for €7.2m.

The company that Mr Lally established to advance the project, Fifes of Wiltshire, had accumulated losses of €11.3m at the end of December 2011.

A note attached to the accounts confirming the sale says the company had decided against developing the property due to the downturn.

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