Sunday 17 November 2019

IBRC set to take €77m hit on Odyssey

Colm Kelpie

STATE-owned Irish Bank Resolution Corporation (IBRC) looks set to take a £61m (€77m) hit over the sale of a landmark cinema and retail complex.

Odyssey Pavilion in the heart of Belfast, where Rihanna performed recently, has been put on sale for more than £10m (€12.5m) after being in administration for more than two years.

The venue is next to the Odyssey Arena and is made up of 15 units, including bars, restaurants, a 12-screen multiplex cinema, an Imax cinema and ten-pin bowling.

One of the key players behind the venture, Belfast-based property developer Peter Curistan allegedly owes £71m (€89m) to IBRC, formely Anglo Irish Bank.

The iconic venue went into administration in 2010, nine years after it had first opened.

"We're concentrating on getting the best price for KPMG and the best purchaser that has experience of running these schemes."

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