Saturday 24 March 2018

City student complex is among assets still owned by McNamaras


Emmet Oliver

DEVELOPER Bernard McNamara and wife Moira have retained ownership of a student accommodation business with the Royal College of Surgeons Ireland (RSCI) despite most of the developer's other businesses going into receivership via NAMA.

The McNamaras retain stakes in several Dublin assets including the Mercer Student accommodation complex in Dublin city centre, which offers rooms and apartments to students from the RSCI.

Accounts for the company, Mercer Apartments Management Company, filed this week state: "The company acted as agents for the operation of the student accommodation from April 26, 2005, on behalf of Bernard McNamara and Moira McNamara.

"Accordingly, all income and expenditure from that date has been transferred to Bernard and Moira McNamara,'' the accounts state.

The company is part of a wider property group known as the Mercer Accommodation Group, which also includes the Tara Towers hotel in south Dublin and the Corrib Village complex in Galway. Ms McNamara is the main shareholder in these businesses.

Mr McNamara hit the headlines in 2009 when he said he was effectively broke with debts of about €1.5bn.

One of the major causes of financial distress for him was a legal action taken against him by a group of private investors involved in the Irish Glass Bottle site.

The McNamaras are currently selling their home at 22 Ailesbury Road in Ballsbridge, Dublin 4, with a price tag of €12.5m. The sale is being handled by Sherry FitzGerald and Christie's International.

The biggest blow to Mr McNamara occurred two years ago when his construction company, Michael McNamara, was put into receivership.

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