herald

Tuesday 21 November 2017

PROPERTY

Treasury fights receiver moves

IRISH developers Johnny Ronan and Richard Barrett's Treasury Holdings is trying to block NAMA from appointing receivers to its assets in Ireland.

Landmark buildings across the country could be placed into receivership if Treasury fails to prevent the NAMA move.

The Westin Hotel, on Westmoreland Street, the Alto Vetro building, on Barrow Street, PwC's headquarters, in Spencer Dock, and the Central Park office complex in Leopardstown are all on NAMA's list.

It is understood that Nama-acquired loans relating to Treasury and associated companies with a face value of €2bn and paid €900m for the loans although these figures are disputed by Treasury. A spokesman for Treasury said it was "extremely disappointed" that Nama had called in its loans.

The developer had been negotiating with external investors, including Australian investment bank Macquarie and global real-estate group Hines in relation to the affected assets. NAMA said that it had "rigorously engaged" with Treasury and although it had received two proposals, they weren't commercially acceptable.

Treasury was given permission to bring the application for a judicial review aimed at blocking the appointment of the receiver at short notice yesterday after talks broke down.

Lawyers for both sides will appear in court this morning.

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