Tales from the top of the market
BACK in 2007, developer David Kennedy and Bank of Scotland (Ireland) established a €230m joint venture company called Columbia to develop the former Clancy Barracks site at Islandbridge, near Heuston Station in Dublin.
The plan was to build over 700 homes -- mainly apartments -- along with a cafe, pub, restaurants, local shops, a medical centre and a hotel on the site, with the projected costs exceeding €400m.
Last December, however, fellow investor Formation Group -- whose shareholders include former Irish international footballer Kevin Moran -- declared its 10 per cent shareholding in the venture worthless.
Bank of Scotland (Ireland) is believed to have followed suit, writing off its 20 per cent stake and carrying out an accounting measure that meant that any profits or losses from Columbia would not have to be consolidated in the bank's main accounts.