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 – info@burlrealestate.com – was returned as undeliverable.
You couldn’t make this stuff up.
Not even Lewis Carroll who must have known a bit about the Irish…… ‘But I don’t want to go among mad people,’ said Alice. ‘Oh, you can’t help that,’ said the cat. ‘We’re all mad here.’
@WSTT
Have the former Anglo executives set up any company yet to manage the billions of portfolios, or maybe the former AIB top layer.
No doubt NAMA would rush them to the front of the queue, when real work needs to be done. NAMA appears to have a certain preference for old ‘limoged generals’ of their acquaintance.
Posted on the Burlington Real Estate website:
OUR TRACK RECORD
We manage a portfolio of 3 million sq.ft, currently worth in excess of €1 billion
This portfolio produces a rent roll of €65 million p.a.
Transacted over 600,000 sq ft in Dublin in 2011
Developed 4 million sq.ft since 2000
Pre-let over 1.2 million sq. ft during that time
Raised and managed €2 billion of debt finance
Delivered the largest single asset sale in Dublin in the past 4 years i.e. the sale for €100 million of the Montevetro office building to Google in 2011
For a company only formed less than 3 months ago, this is incredibly disingenuous. …. maybe even a little “porkie pie” as Mary Lou might say.
What about – “Went spectacularly bust!” – or is it only Treasury’s achievements that the boys want to claim?
Not even Dr. Goebbels who was the master of spin could match this one.
My own favorite….link above.
“Delivered the largest single asset sale in Dublin in the past 4 years i.e. the sale for €100 million of the Montevetro office building to Google in 2011″
Thought Jones Lang was the agent here…and NAMA was effictevly the “client”…OPERA the one and only Irish CMBS is maturing this year.NAMA has a 75mil B piece position….perhaps time for a fresh set of eyes,some new energy and options there regarding management and leasing.
NAMA is unlikely to recover any of the old Anglo B piece but could be a positive voice for some badly needed changes here,in return for its cooperation.
So the Captains that put the ship onto the rocks are still in charge.
tut tut, can’t blame the captains, twas the F’r's that issued the forecasts that lulled the captains into a false sense of security that are at fault… surely.
And sur’ the forecasters were only going on the computer model, tis the boffins that wrote the computer model that are at fault… surely.
but sur’ the boffins took real world historical rational data in compiling the forecast model so its the real world (US) that are at fault… surely.
All Bollix of course, but we are at fault for putting up with it.
Not at all surprising or mad, just part of the normal real estate cycle.
Sir George, the developer behind Canary Wharf, Gerald Ronson, CBE – both went bust and one went to jail, both pillars of the uk real estate market
NAh, it’s all down to Bertie. Go and top yourself if you don’t believe that the trees grow to Heaven….