Nama names receiver for house building companies
Barina Construction, once a significant developer of houses and apartments in the Dublin area, has been placed in receivership by Nama.
Barina's loans had been transferred to the agency in 2010, and the developer had since been working with it.
Barina Construction had €97m in outstanding loans at the end of its 2015 financial year.
George Maloney of RSM Ireland has been appointed receiver to Barina Construction by Nama.
Mr Maloney has also been appointed receiver to two Barina Construction subsidiaries: Portmarnock Raceway Ltd and College Crest Homes Ltd.
Barina is owned by the Langan family, and had been involved in a number of large developments in the Dublin area during the last decade, building hundreds of apartments and houses.
It also spent a fortune amassing parcels of land in the capital.
In 2006, it paid €55m for a 2.7-hectare area inside the Magdalene Laundry site at High Park in Drumcondra in Dublin.
It also paid millions of euro to buy a site currently used as a horse-trotting raceway in the Dublin suburb of Portmarnock.
That site had been put up for sale last year. Another development site in the suburb with planning permission for about 70 apartments was also put up for sale. Neither Nama, Mr Maloney nor Barina director Adrian Langan responded to requests for comment yesterday.
A recent examination by the Irish Independent found that Barina had landbanks around the capital with permission for 502 homes, but had yet to start construction on 442 of them.
The latest set of publicly available accounts for Barina Construction show that it had €97.2m in outstanding loans at the end of April 2015.
The company generated a €9m profit that year, but only because of the forgiveness of an €18.5m inter-company loan.
"The company's loans were transferred to the National Asset Management Agency [Nama] in 2010," the accounts note. They add: "The company's ability to continue trading is contingent upon generating sufficient revenue from operations and the continued support of the company's backers, National Asset Management Agency and shareholders.
"While the company's loans have been transferred to the National Asset Management Agency, the directors are working with the agency to secure the long term viability of the company."
Barina Construction's ultimate parent company is Barina Property Group Ltd, which is not listed as being in receivership.