Funds linked to Lotus Investments Group, an Irish-based private equity firm for property and construction finance, has appointed a receiver over certain assets of Dublin-based housebuilder Victoria Homes and related company Ladywell Homes.
Myles Kirby, a managing partner at Kirby Healy Chartered Accountants, was appointed as receiver on May 26 for a single asset in Co Kildare owned by Victoria Homes. Kirby was appointed receiver regarding Victoria-linked Ladywell Homes' Corrybeg Way development of 16 homes near Templeogue on May 19. Patrick Byrne and Daniel Whelan run both companies.
According to documents, the appointment over the Co Kildare asset stems from a mortgage dated November 15, 2018, between Victoria Homes and funds Emerald Sky and Lotus Decalia. The two funds are linked to Lotus, which has lent €364m and helped complete nearly 3,000 homes.
The receiver for Ladywell Homes stems from debentures and mortgages dating back from 2016 which were linked to the same funds.
Victoria Homes said the company is in a strong financial and equity position across all its sites: "We hope, with the continued support of our funder Lotus Investment Group, we will come through these unprecedented difficult times."