Paddy McKillen asset valuations revealed..

By Simon Carswell in today’s Irish Times. But to add some value to Simon’s article, here they have been put in a handy table split between the UK, the US and Ireland. And converted the local valuations at current exchange rates. Simon doesn’t tell us if the list in his article today is exhaustive and it probably isn’t. Belfast Office Properties Limited which is one of the 15 companies attached to the recent court case is reported to own the Ards shopping centre in Newtownards for example which is missing from Simon’s article. And whilst it is not joined in the present court case, the Fosse Park Partnership (from Property Week – free registration may be required) is currently selling a sprawling retail complex in Leicester, England for a reported GBP £320m and Paddy is one of the four members of the partnership, though of course the asset may not be secured by lending from any NAMA Participating Institution (PI – AIB, Anglo, BoI, EBS and INBS). Paddy is reported to owe €2.1m to NAMA PIs. The list below therefore appears to be partial but there is an overall convergence in valuations which are less than 5% apart (in overall terms the difference is 4.9%). The list compares NAMA valuations with Anglo’s – remember that Paddy’s own valuations might be different. Also UK commercial property is up by nearly 10% since last November 30^th, 2009 (the date chosen by NAMA by reference to which current market valuations are assessed) whilst Ireland is down nearly 10% (and probably more once Q3, 2010 is eventually published by Jones Lang Lasalle).