Monday 22 January 2018

The Punt: Smurfit steps down as director of Sean Mulryan's Ballymore unit

Michael Smurfit.
Michael Smurfit.

The Punt sees that Michael Smurfit has decided to step down as a director of Sean Mulryan's Ballymore International Developments vehicle.

The unit of Mulryan's Ballymore empire has been primarily focused on property development and investment in central and eastern Europe. The latest set of publicly available accounts for the firm, for 2013, show that it made a €121m loss that year. That compared to a €222m loss the year before.

The accounts also note that at the end of 2013, the firm had borrowings of €247m from Nama, and €245m from a syndicate of European banks.

Smurfit (78) lives in the sunny surrounds of Monaco and has been keeping busy. In the last few months he's made a couple of small investments in Irish early-stage businesses, including €300,000 in Dublin-based Inflection Biosciences, and another €40,000 into Moocall.

Mulryan, meanwhile, has been ploughing ahead with major projects in London. Ballymore has secured contracted sales of £1.7bn across developments in the city, where it's building 3,400 homes and has secured funding to build another 2,800.

Mulryan was this month named Personality of the Year by the well regarded 'Property Week' magazine.

Irish Independent

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