BoSI puts receiver into three Shelbourne properties, but faces €50m loss on sale
BANK of Scotland Ireland (BoSI) could face losses of around €50m after taking control of prime Dublin office blocks from Garrett Kelleher's Shelbourne Development Group, if it decides to sell the properties.
Yesterday, Shelbourne Developments said it had invited BoSI to appoint Michael McAteer, of Grant Thornton, as receiver over office blocks at 75 St Stephen's Green, 46 St Stephen's Green, Moore St Plaza, as well as over a luxury penthouse apartment on Aston Quay, all in Dublin.
The main Shelbourne Development Group has not been taken into receivership.
Sources involved said the assets that were now in receivership would make between €50m and €60m in the current property market, but that the debts involved were in excess of €100m. But the offices are good quality with sitting tenants meaning the bank will not be under any pressure to hold a fire sale.