Business Irish

Saturday 26 May 2018

Carlow shopping centre sold by Newry-based developer Gerry O'Hare

 

Fairgreen complex in Carlow
Fairgreen complex in Carlow

Fearghal O'Connor

High-profile Northern Irish developer Gerry O'Hare has sold the Fairgreen complex in Carlow, it is understood. The sale - for an undisclosed amount - was part of a deal that also included the sale of what was long seen as the developer's prize asset, the Quays shopping centre in Newry.

O'Hare, often cited in rich lists as one of the North's richest men, developed the two shopping centres through his Newry-based development company Parker Green International. However, he agreed a deal with his financial backers three years ago to sell the company's two key assets to repay its debts.

In 2016 it was reported that the 23,000 square metre Fairgreen Centre, which is the main shopping centre in Carlow, was for sale for €36m.

O'Hare borrowed money to develop both shopping centres from Anglo Irish Bank. Those loans were transferred to Nama and later sold to investment fund Cerberus under the Project Eagle sale of loans. In 2015 the loans were refinanced by investment firm Earlsfort Capital Partners.

The most recent set of accounts - filed last September for the year to the end of 2016 - stated that at that point the loans were due to be repaid by January of this year but that would depend on the sale of the properties.

Recent filings to the Companies Office in Ireland showed that O'Hare had terminated his position as a director of Parker Green International (Waterford), while UK filings showed that the mortgage of Parker Green Holdings has been satisfied in full.

Last month a major multi-million pound extension anchored by Marks & Spencer was announced for the Quays, while this week Carlow County Council announced a €15m plan to tie in Fairgreen to the town centre.

Sunday Indo Business

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