Friday 17 November 2017

Doherty's Harcourt group aims to exit Nama by 2016

Roisin Burke

HARCOURT Developments appears to have set its path to exit Nama in two years, its latest accounts suggest.

Early last year, the group, founded by Donegal developer and Beatles video star Pat Doherty, successfully restructured its loan facilities with Nama.

"This secures the group's financial position and outlines a strategy to repay its loans up to June 2016," its directors say in their accounts report.

This makes Harcourt, where the ex-husband of Prince Charles's missus, Camilla Andrew Parker Bowles, is a director, only the second major Nama developer to flag that a Nama exit is in sight.

Sean Mulryan's Ballymore Properties has said it expects to have put its Nama debt behind it by mid-2015, saying it would pay off the bulk of it next year.

Harcourt, which built the iconic Titanic Quarter in Belfast, owns six shopping centres around Ireland. Expansion and development of them "when the economic climate permits" is being planned.

It already has several hotels in Ireland and the UK, plus the five-star luxury beach resort, the Carlisle Bay in Antigua in the Caribbean. There are also substantial hotel and apartment interests in the Bahamas.

It owns a mixed-use development scheme in Las Vegas, "which will be developed when market conditions permit", it said.

Harcourt said it has planning permission to further develop its Park West business and retail park and hotel in years to come. It also has lands at Citywest, where residential development is planned.

Art-loving, Inishowen man Doherty has something in common with supermodel Kate Moss: he had his portrait painted by revered artist Lucien Freud, a work titled 'A Man From Donegal'. It's believed Doherty became friendly with Freud through Andrew Parker Bowles.

In his youth, Doherty appeared in The Beatles' video for Hey Jude.

Recent financials showed operating profits that had doubled to €25.9m in 2012.

Sunday Independent

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