Monday 11 December 2017

Nama appoints receiver to Cullen firm over AIB mortgage

Nama building
Nama building
John Mulligan

John Mulligan

Nama has had a receiver appointed over a company owned by developer Bryan Cullen - less than a year after another of his building firms, Jackson Homes, cleared a debt it owed to the state agency.

The receiver, George Maloney of RSM, has been appointed by Nama over Goldenball Ltd, on foot of a mortgage with AIB in 2010.

The debt was subsequently transferred to Nama.

The mortgage was attached to more than 18 acres of land in south Dublin, where construction of more than 100 homes was planned.

Filings for Goldenball at the Companies Registration Office show it is entirely owned by Mr Cullen.

The filings also show that the charge with AIB was created in December 2010. It related to a parcel of 14.64 acres of land at Kilternan Domain south of Dublin city, and a separate 3.63 acres of land at the location.

Last year, Mr Cullen used the proceeds from the sale of about 100 homes in Stillorgan, south Dublin, to clear a multimillion euro debt owed by his Jackson Homes company to Nama.

Mr Cullen's Precinct Investments, whose debts were also with Nama, is the former owner of Dublin's iconic Gresham Hotel, which was sold last year by Nama to Spain's Riu Hotel group for €92m.

The latest accounts for Jackson Homes show the firm made an operating loss of €3.1m in 2015, with net liabilities of €19.2m at the end of that year.

Irish Independent

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