Wednesday 24 May 2017

Gay Byrne partnership wins injunction over €13.5m property

Partnership: Gay Byrne
Partnership: Gay Byrne

Tim Healy

A business partnership involving broadcaster Gay Byrne has secured injunctions restraining a fund-appointed receiver dealing with the partnership's €13.5m investment property in central Dublin.

Ms Justice Isobel Kennedy granted the orders at the High Court yesterday to the Firstwood Partnership pending a full hearing of its case against Launceston Property Finance.

Rossa Fanning SC, for the partnership, argued the fund "contrived" a default last year on a fully-performing 20-year loan made to the partnership.

In 2014, the fund acquired that loan, taken out by the partnership in 2000 with Anglo Irish Bank to acquire the property - a block of offices, retail units and car park at St Andrew's Lane.

The injunctions allow the partnership to continue servicing the loan as agreed with Anglo, including an amortisation schedule for repayments.

Irish Independent

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