We haven’t heard a great deal of late about the fate of the 25-acre Irish Glass Bottle site in Ringsend, Dublin which is curious, as it is one of the most expensive assets under NAMA’s control by reference to its value in 2006 when it was bought for €412m by a consortium which essentially comprised Bernard McNamara, Derek Quinlan and the state-owned Dublin Docklands Development Authority (DDDA). It is estimated that the site today is worth €50m; there are three feature blogposts on the history and current status of the site on here – here and here and here.
Posts tagged ‘Derek Quinlan’
May 3, 2011 at 11:49 am
Laura Noonan in today’s Irish Independent reports that of the 30 top NAMA developers, 18 have signed “or are close to signing” a memorandum of understanding with the agency and these 18 are seen as being “relatively safe” (presumably that’s a direct quote from NAMA). Of course the reported phraseology might mean that all 18 of the developers have yet to sign, and “close to” is a very imprecise term. In addition to the signatures of the developers, the memoranda of understanding will need be signed by NAMA, which might require the agreement of the NAMA board, and potentially the spouse of the developer. And after the memorandum of understanding comes the Heads of Terms and finally a full agreement, and these two subsequent documents will also need to be signed by the developer, NAMA and potentially the developer’s wife. Next Tuesday will be the 10th of May, 2011 and the first anniversary of the completion of the transfer of the first Tranche of loans to NAMA. Now the first 30 developers have an average loan exposure of €900m and the business plans will not be straight-forward to say the least. That said, it is difficult to conclude anything other than NAMA is well behind schedule in its agreements with developers.
As for the remaining 12 developers in the Top 30, apparently five are facing foreclosure action by NAMA because the memoranda of understanding have not been agreed. The other seven are presumably already subject to foreclosure action.
And here’s where it starts to become very messy. NAMA does not generally disclose the identity of its developers – the agency stubbornly stuck to its guns last November 2010 at the Oireachtas Committee of Public Accounts hearing where Deputy Roisin Shortall in particular pressed NAMA for names of the Top 10 but the agency did not yield and asserted that such information was confidential. So we don’t definitively know the identity of the Top 10 or the Top 30. That said, Ireland being Ireland, we have had what seemed like well-informed reporting which speculated about the Top 30 and it is that reporting (particularly this and this article) which forms the basis of the table above. A further complication is that the Top 30 developers have extensive portfolios of property that might be split across many companies and some of those companies are subject to receivership and some aren’t. For example, the only company with which David Courtney an Jerry O’Reilly have been associated which is subject to a NAMA receivership is Radora Developments which was responsible for the Elm Park development.
NAMA has foreclosed on quite a number of developers not on the above list. Jim Mansfield is not there, for example; reporting suggests that his debt to NAMA is “tens of millions of euro” which might mean he was too small for the Top 30. Jim however owes loans to other banks and Bank ofScotland(Ireland) foreclosed on the Citywest hotel complex last year. The implication from Laura’s reporting is that NAMA has foreclosed on seven of the Top 30 and that being the case, I would say those seven refer to Liam Carroll, Bernard McNamara, Derek Quinlan, Paddy Shovlin, Paddy Kelly, David Courtney/Jerry O’Reilly (Radora) and Ray Grehan (where the receiver has been “stood down”, temporarily perhaps). In addition, McInerney is in examinership and its appeal against the withdrawal of that examinership is scheduled to be heard at the Supreme Court this week. There was a report about receivership in respect of Sean Dunne in the Irish Sunday Times (not available online) but that seems to have been denied by Sean’s spokesman and nothing has come up in the Iris Oifigiuil.
So we don’t know the identity of the Top 30, we probably just about know the receiverships affecting the Top 30 and we certainly don’t know the identity of the 18 that NAMA claim have signed, or are close to signing, agreements. We most certainly don’t know the identity of the five that may be facing imminent foreclosure.
As always with these pieces, I get concerned that the media can get used by NAMA to wave its stick at recalcitrant developers – since NAMA doesn’t disclose confidential information and not all developers are networked with their competitors sufficiently to know the status of the negotiations with NAMA, there is a concern that developers will read articles like those in today’s Independent and conclude they are risk. Which they might be. Though they might also conclude that NAMA’s apparent failure to sign the three documents that comprise an agreement with a single developer, one year after absorbing the first tranche, might mean there are more general difficulties at the agency.
source URL: http://wp.me/pNlCf-1lR
I would question the expertise of the NAMA staff, I would also question the recruitment methods and the safeguards that are or are not in place that would stop the poacher from becoming game keeper so to speak? Who is safeguarding the taxpayer’s interest in this new lottery carrousel for the chosen few ?
- http://www.examiner.ie/breakingnews/ireland/nama-appoints-receiver-to-mansfield-assets-502113.html (thepressnet.com)
- NAMA appoints receiver to another Top 20 developer bringing its tally to seven (namawinelake.wordpress.com)
- NAMA provides progress update and claims PTSB/ESRI index is not realistic (thepressnet.com)
- Avalanche of receiverships as NAMA enters its enforcement phase (thepressnet.com)
- NAMA gives us a new collocation – “standing down a receiver” (namawinelake.wordpress.com)
FINANCIER Derek Quinlan may be best known for investing on behalf of the wealthy, but it seems recessionary times have brought his business a little bit closer to the cash-strapped members of society.
While not personally expected to knock on doors looking for cash, a company of which Mr Quinlan is director has won a tender from the Department of Justice to manage “the collection of overdue court-imposed fines”.
The contract, won by Dublin-based Tazbell, involves managing the collection of unpaid court fines through “proactive contact attempts” with the debtor. This will include “traditional credit management methods”, such as letters, phone calls and e-mails.
It runs for one year, with a possibility of being extended for a further four years.
Tazbell, based in Dublin’s Eastpoint Business Park, counts Mr Quinlan among its directors, with his wife Siobhán Quinlan listed as a shareholder.
Mr Quinlan is among the top 10 property investors whose loans are being transferred at a discount to the National Asset Management Agency. He has relocated to Switzerland and recently placed a luxury home on Dublin’s Shrewsbury Road on the market.
Also listed as director of Tazbell is Thomas Dowd, who was a director of Quinlan Private, the high-profile investment firm led by Mr Quinlan until his departure last year. Mr Dowd and a number of fellow Quinlan directors subsequently established a new property business called Avestus, which has some €8 billion in assets under management.
Quinlan Private was involved in multi-billion-euro international property deals, typically involving syndicates of wealthy individuals. As with many property investments, the ventures suffered as the global economy faltered.
article by Namawinelake
Earlier this year, Propert Week reported that NAMA Top 10 developer, Derek Quinlan had put a 248-vehicle capacity car park on the market with a GBP £180m (€211m) price tag. It is located in the heart of London’s Mayfair, one of the most expensive areas for real estate in the world. At the start of this year, Quinlan’s Park Rite secured planning permission to develop the site to provide 24 flats with amenities and a developed value of GBP 300m was mooted. There is now speculation that a sale has taken place and this is dealt with in another entry here today.
The Mayfair car park is one of 32 car parks in the Park Rite empire and chances are you have in the past paid Mr Quinlan for providing you with a parking space for a few hours. Here is a list of the car parking sites.
(1) Arnotts Car Park
(2) The Beacon South Quarter (Sandyford)
(3) Christchurch Car Park
(4) City Quay Car Park
(5) Convention Centre Dublin Car Park
(6) Croke Park Events Parking(Clonliffe College),
(7) DALKEY CHURCH CAR PARK,
(8) Drury Street Car Park
(9) Fleet Street Car Park(Temple Bar),
(10) HAROLD’S CROSS CHURCH CAR PARK,
(11) IFSC Car Park,
(12) Irish Life Car Park(Abbey Street),
(13) Mount Carmel Car Park,
(14) Parnell Street Car Park
(15) Pavilion Car Park(Dun Laoghaire),
(16) RAHENY CHURCH CAR PARK
(17) Smithfield Car Park,
(18) St. James’s Hospital Car Park,
(19) Tallaght Hospital Car Park
(20) The Square Town centre (Tallaght)
(21) AN SIBÍN PUB CAR PARK(DUNSHAUGHLIN),
(22) ARDEE TOWN,
(23) ARKLOW TOWN,
(24) Audley Square Car Park (Mayfair, London),
(25) Bridge Centre Shopping Centre(Tullamore),
(26) GALWAY PCCC CAR PARK,
(27) Hynes Yard Car Park(Galway),
(28) M3 MOTORWAY (DUNBOYNE),
(29) M3 MOTORWAY (KELLS),
(30) M4/M6 MOTORWAY (CAPPAGH),
(31) MUCKY DUCK PUB CAR PARK (CELBRIDGE),
(32) Parklands Car Park (Tralee),
(33) Texas Car Park (Athlone),
(34) University College Hospital Galway Car Park
(35) Whitewater Shopping Centre, (Newbridge),
(36) WICKLOW TOWN car park
Now that NAMA has said that it is taking over rent rolls, will NAMA also be collecting the cash received at these 36 car parking sites each day?
Just more lies?
Central Bank report for Quarter 2, NAMA’s resident and non-resident borrowers
The wide-ranging quarterly Central Bank report and forecast published yesterday contains some interesting nuggets on NAMA and Irish property in general. On NAMA, it publishes information on the first tranche which hasn’t been publicly seen before, namely a split of the first tranche loans between resident and non-resident borrowers and also gives the provision the banks held for the loans transferred. The information is on page 39 of the report and is summarised here.
Of note is that the writedown by NAMA on the loans (49.6% in total) comprises a writedown by the banks themselves (23.7%) and NAMA’s additional write-down (26.9%) – given that Anglo’s accounts were published on 31st March, 2010 and INBS’s accounts were published on 9th April, 2010 and they each contained the government’s recapitalisations announced on 30th March, 2010, it is indeed amazing that they were showing their provisions at such a low level – was it a case that the accounts were produced many months earlier and only amended for the government’s injections of capital – wasn’t there any attempt to show the imminent NAMA haircuts? As to the split between resident and non-resident, I’m not sure how much can be deduced. For information the following were reported by the media (not confirmed by NAMA and indeed Paddy McKillen’s spokeswoman has denied that Paddy was in tranche 1) as being the Top 10 developers in the first tranche – spot the non-residents!
As to what the Central Bank say in their report on page 39 about the write-downs with respect to residents and non-residents they are talking rubbish – the figures show that the resident loans had greater write-downs at both the banks and at NAMA.
Nama has missed three deadlines as lenders and the agency struggle with complex valuations, according to
by SIMON CARSWELL
NOW THAT the valuationshas signed off on the National Asset Management Agency (Nama), the delayed task of transferring the top 10 developers and loans of €17 billion can proceed.
The green light from Brussels allows Nama to start buying loans with a face value of about €80 billion from five guaranteed lenders for an estimated €54 billion, though both figures could change.
Preparatory work has so far proceeded slowly with the amount of paperwork connected to the top borrowers creating a bottleneck of information within Nama that its small staff and army of outside contractors are busy trying to process.
Preliminary work has been slow as the lenders, and Nama, have struggled to deal with complex valuations in a market with no buyers, and grappled with tricky legal and financial due diligence on title and loan files, with dedicated teams of staff in each lender.
Nama has missed three deadlines to process the transfers, the most recent being yesterday.
March 5th has been set as the next deadline when the first transfers will begin, though not all of the loans connected to the top 10 will move on the day. Minister for Finance Brian Lenihan has said the top 10 borrowers will be transferred by the end of next month.
As revealed first by The Irish Times last week, they are developers Liam Carroll, Bernard McNamara, Seán Mulryan of Ballymore, property financier Derek Quinlan, Joe O’Reilly, the developer behind the Dundrum Shopping Centre in Dublin; Paddy McKillen, owner of the Jervis Street Shopping Centre in Dublin; Treasury Holdings (which is owned by Johnny Ronan and Richard Barrett); Cork developer Michael O’Flynn; Dublin builder Gerry Gannon, co-owner of the K Club golf resort in Co Kildare; and Galway businessman Gerry Barrett, owner of Ashford Castle in Co Mayo and G Hotel in Galway.
The financial institutions are awaiting acquisition schedules outlining the specific loans that Nama will acquire as well as the crucial “haircut” to be applied to each.
Once known, this will allow the banks to assess the losses to be incurred on the discounted sales, which will trigger a requirement for capital to meet the shortfall.
State-owned Anglo Irish Bank faces the most pressing capital need as it is moving the largest amount in the first wave – close to €10 billion of the €30-€35 billion it will eventually transfer.
Allied Irish Banks is moving more than €3 billion in the first wave, Bank of Ireland over €2 billion, Irish Nationwide just shy of €1 billion and EBS building society about €150 million.
The commission will assess the compatibility of the transferred loans as well as the actual transfer prices when they are passed on by the Government to Brussels. These reviews include mechanisms to allow for the claw back of money in case of overpayments.
The lenders are already preparing the paperwork for the second and third waves of transfers, though they have pressed Nama to reduce the level of information demanded by the agency.
Given the volume of paperwork and the scale of the sums involved, processing the top 10 borrowers will preoccupy Nama and the banks for most of next month.
As with all complex transactions the devil is in the detail
Two points that immediately spring out of this article is the inbuilt reviews that include a claw back facility on possible overpayments
This will have consequences for the Banks balance sheets as this clearly implies a possible debt !
The second point is that the banks seem to be reluctant to give full details and are pressing NAMA “to reduce the level of information demanded by NAMA”
This cannot be allowed, under any circumstances