Monday 23 April 2018

NAMA issues ultimatum to developer Daly

Donal O'Donovan

NAMA is understood to have demanded repayment of some loans owed by developer David Daly, and could appoint a receiver within days if the demand is not met.

Mr Daly's Albany Homes is a major housing developer in the Dublin commuter region, throwing off massive profits during the boom.

Sources said the demand from NAMA was issued this week, and relates to personal loans of Mr Daly's that are secured by assets, and not to assets owned by his operating companies, including Albany Homes.

Its understood the demand called for the loans involved to be repaid by close of business yesterday.

If the demand for repayment is not met, NAMA could be in a position to appoint a receiver to take control of the assets used as security for the loans.

A similar model was used when NAMA appointed receivers to some of Derek Quinlan's assets.

The assets involved are understood to be in both Ireland and the UK.

Although personally low profile, Mr Daly has hit the headlines for his business deals.

He set the record for the highest price ever paid for Irish property with his €25m acquisition of The Franklin building in Ballsbridge -- a price that worked out at around €133m per acre.

In London he owns a block in the West End that is home to Louis Vuitton and is valued at around £200m. In Ireland the best known development he has been involved in is the Airside business and retail park in Swords.

Mr Daly was not available for comment last night. A spokesman for NAMA refused to comment on the situation.

Irish Independent

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