Tuesday 16 January 2018

Loan for developer Mulryan's K Club apartment goes to NAMA

Emmet Oliver

The loan for Sean Mulryan's K Club apartment has gone into NAMA with the asset being valued by the company which owns it at €2m.

Mulryan, Ireland's largest developer, is currently working with NAMA and reports suggest his Ballymore group has signed a memorandum of understanding (MOU) with NAMA, a form of non-binding agreement.

Peltier Investments, which owns the property at the Staffan, Co Kildare complex states: "The company's principal asset comprises an investment property with a carrying value of €2m.

"The company has loans of €2.8m which are repayable on demand'."

The company is a wholly- owned subsidiary of Ballymore Ireland Group, a group incorporated in the Isle of Man and believed to be owned by Mulryan himself.

The ability of Peltier to remain a going concern is dependent on its lenders, with its loans gone into NAMA. "The company is reliant on NAMA to renew terms, extend facilities and waive covenants as deemed appropriate on the company's loans,'' state the Peltier accounts.

It points out that NAMA is expected to exist for between seven and 10 years and will get the best possible return for the taxpayer. The agency is currently giving the company "forbearance" on its loans, the accounts suggest. The company made a loss of €159,700 for the year. Land registry records show a folio for Peltier, which refers to a property at Ladycastle, Co Kildare, the site of the K Club.

All the charges on the property -- registered before NAMA was set up -- appear to be from Bank of Ireland. Mulryan has one of the largest land banks of any developer in Ireland, with his London properties holding their value in recent years due to the expansion of London's east end and Docklands areas.

Sources suggest that NAMA will work with the Ballymore group for several years, although disposals are likely in some parts of its operations.

Irish Independent

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