Turnover triples at company behind Belfast's Titanic Quarter
The development company behind Belfast's Titanic Quarter has tripled turnover to £35.4m (€40m).
During the year, the Titanic Quarter has seen developments including the opening of the new Titanic Hotel at the former Harland & Wolff Drawing Offices.
It's already home to a financial services centre including the offices of investment bank Citi, Belfast Met, the Public Records Office of Northern Ireland, film studios, two car showrooms, tech business park Catalyst and a Premier Inn hotel.
Now Titanic Property Development has reported rapid growth in turnover - though pre-tax profits were down from £10.5m to £6.2m.
Early last year, Titanic Quarter refinanced £75m worth of loans with Danske Bank.
The deal, with companies behind the development, involves the refinancing of its investment assets and the release of the development lands into the control of the shareholders.
Bottin (International Investments) BV, an entity ultimately controlled by businessman Dermot Desmond, provided subordinated debt of £28.7m. Mr Desmond is a 50pc ultimate beneficial owner of Titanic Quarter.
The firm is under the joint control of Mr Desmond and Pat Doherty, the founder of Harcourt Developments.
A strategic report filed with the latest accounts says the Quarter is now home to 100 firms with around 18,000 people living and working there.
A total of 3 million sq ft of space is planned for the 161.5 acres, with 1.5 m sq ft delivered to date and £425m invested.
Titanic Quarter Ltd, one of eight subsidiaries, reported a fall in pre-tax profits from £10m to £6m. It increased the valuation of development land slightly, from £20.5m to £20.527m.
Notes to its financial statements for last year say that its principal activity is the development of 161.5 acres of land within the Titanic Quarter Master Agreement, which was reached with the Belfast Harbour Commissioners.