Developer Michael O'Flynn in €400m relaunch of house building firm
Cork developer, Michael O'Flynn, is to relaunch his property firm and plans to build 10,000 homes in Cork and Dublin over the next next seven years.
Mr O'Flynn told RTE's Sean O'Rourke programme today that people are now ready to buy homes again but there are ongoing planning and infrastruture problems.
"Planning takes to long and there are also infrastructure issues," he said.
Mr O'Flynn has regained control of all the development assets of O'Flynn Construction Group after he did a deal with US investment firm Blackstone which acquired the firm's loans from NAMA.
As part of the deal, Blackstone will take control of investment assets including the Elysian building in Cork as well as student accommodation in the UK.
The news comes amidst a strong demand for new homes and a shortage of supply.
The €400m package is made up of senior debt from both Avenue Capital Group and AIB.
In the UK, Mr O'Flynn has two subsidiaries which are both run by John Nesbitt. Victoria Hall looks after student accommodation while Tiger Developments focuses on asset development.