NAMA set to take over Treasury properties

NAMA set to take over Treasury properties

The National Asset Management Agency is preparing to take control of a number of properties in Ireland owned by developer Treasury Holdings, one of the 10 biggest borrowers with the State loans agency.

According to today’s Irish Times, NAMA has issued a demand to Treasury for the repayment of its loans, which last year stood at around €900 million.

According to informed sources of the Times, NAMA has demanded that the loans be repaid this month.

If Treasury does not meet the deadline, NAMA will move to appoint a receiver to certain properties in Ireland.

Irish businessmen Richard Barrett and Johnny Ronan jointly control Treasury.

Its portfolio of assets in Ireland includes the Spencer Dock development in Dublin’s Docklands and the Convention Centre Dublin, which was developed by Treasury and receives an annual subvention from the State.

The convention centre hosted a concert for Queen Elizabeth II on her historic state visit to the Republic last year.

Treasury also developed the luxury Ritz Carlton Hotel in Enniskerry, Co Wicklow.

However, it was not clear last night which properties controlled by Treasury will be affected by NAMA’s impending move against the company.

NAMA declined to comment last night. A spokesman for Treasury said discussions with NAMA were “ongoing”.

It is understood that officials from NAMA met Treasury on Monday to issue their ultimatum.

The state loans agency appears to have lost patience with Treasury following many months of negotiations to agree a business plan and a term sheet for the loans.

Sources suggested yesterday that Treasury was considering seeking an examinership through the High Court in Dublin but this could not be confirmed with the developer.

Treasury has already lost control of its interest in Battersea Power Station in London.

Lloyds Bank and NAMA last month received court approval to have an administrator – Ernst Young – appointed to Battersea.

Treasury’s interest in Battersea was held through its majority stake in Real Estate Opportunities, a UK listed company.

Its acquisition of Battersea in 2006 was part funded by Bank of Ireland, whose loans were transferred to NAMA in 2010.

Battersea was to have been the subject of a €6.4 billion redevelopment.

NAMA has implemented similar moves against other major developers, including Seán Dunne, the Grehan brothers – Ray and Danny, Derek Quinlan and David Daly.

According to its website, Treasury controls more than 130 individual real estate projects with a combined value in excess of €4.6 billion. Projects outside Ireland and the UK would not be affected by NAMA.

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