A company called Burlington Real Estate Limited was incorporated in Ireland in October 2012. It has a website burlrealestate.com which was also registered in October 2012. The directors of the company are John Bruder (54), Niall Kavanagh (43) and Niall O’Buachalla (38). The company says on its website that it manages 3m square feet of property including “Irish HQs of Bank of Ireland, Vodafone, PWC, KPMG, Merrill Lynch Bank of America, FAS and Tullow Oil Plc” “Central Park/Leopardstown” and “Stillorgan shopping centre” – not bad for a newly formed company!
The regular audience on here will be particularly familiar with Messrs Bruder and O’Buachalla – John Bruder was the managing director of Treasury Holdings, the company owned by the formerly-dynamic duo of Johnny Ronan and Richard Barrett. Niall O’Buachalla was the group finance director of Treasury Holdings.
Treasury Holdings is being liquidated and NAMA has had receivers appointed to a slew of Treasury Holdings companies – over 40 companies at last count on here.
What might confuse you a little is the reporting that some of the assets which Burlington Real Estate claims to now manage, are now under the control of NAMA – Central Park in Leopardstown, reportedly, for example.
So, on the face of it, NAMA or its agents have employed a newly-formed company comprising some of the most senior people at Treasury Holdings to manage some of its most expensive assets, at the same time as having receivers appointed to assets of Treasury Holdings and its group companies, eg here. NAMA was asked for a comment yesterday, but there has not been any response at time of writing. An email sent to the email contact address for Burlington – email@example.com – was returned as undeliverable.