Tyrrelstown fund faces 'material uncertainties' due to €20m liability gap
A Davy-owned fund that was at the centre of a major housing controversy in Tyrrelstown in Dublin two years ago faces "material uncertainties" over its future, according to new accounts.
European Property Fund (EPF) had an excess of liabilities over assets of €20.4m at the end of 2017 and faces uncertainties that "cast significant doubt upon the group's ability to continue as a going concern", the accounts said.
EPF's "disposal strategy" for the almost 100 houses it owns in Tyrrelstown is "under review" with Beltany Property Finance, a subsidiary of Goldman Sachs that bought the loans from Ulster Bank. It is "proposed to sell the remaining assets in one portfolio transaction sale" but to retain commercial assets in the Dublin suburb.
EPF had total borrowings of €60.1m, down slightly from €61.4m at the end of 2016. In 2015 EPF's loan facilities transferred to Beltany as part of an agreed restructure of the group involving the "orderly disposal" of the group's assets over a four-year period to repay the group's debt obligations. As part of that process EPF issued notices to residents of the Tyrrelstown homes seeking vacant possession but withdrew them following protests. During 2017 it sold just nine houses in the estate.
Sunday Indo Business