| 3.7°C Dublin

Property boss warns against land 'fire sales'

A warning against fire sales of development land in the current economic situati on was made recently by Gerald Ronson of Heron International.

While speaking at a lunch organised by Key Capital Real Estate in Dublin, the founder of one of the UK's largest property development companies said.

"Throwing development land assets onto the market with the absence of development finance will not realise the benefits and therefore it will require a slow approach to maximise value.

"The necessary write downs are largely behind us. NAMA has put the State in a position where it can transact, but we recognise that global liquidity is not an everlasting proposition . . . ", commented Conor Killeen, CEO of Key Capital.

Andrew Gunne, managing director of Key Capital Real Estate, said, "We need to focus on bringing liquidity back to the market which will inevitably be driven by external capital."

Irish Independent