Big developers' purchase of trophy assets is totally different second time around
Published 30/07/2015 | 02:30
The developers are back, it seems. It is like a rebirth or second coming for some of the high profile names of boom and bust. Headlines in recent weeks, saying that Nama's biggest clients are buying up and developing trophy property assets will add to the sense of anger many people feel.
However, it is an easy, and even tempting, narrative to portray the return of these former giants as some kind of "business as usual".
A closer look at the facts and the finances of big developers suggests that the return of businessmen like Joe O'Reilly or Johnny Ronan is anything but business as usual.