The BBC is today reporting that Parker Green International – the property development company which boasted former Taoiseach Bertie Ahern as a member of its “International Advisory Board” up to October 2010 – has secured planning permission for a substantial GBP 35m (€40m) extension to an existing shopping centre, The Quays, in Newry, Co. Down.
The BBC says that Parker Green’s accounts confirm that some loans owed by the company have now been taken over by NAMA. It is not clear if either the existing shopping centre in Newry or the extension is being funded by NAMA.
The Quays shopping centre will no doubt continue to be familiar to many on this side of the border, particularly if consumer costs in this State fail to fall at the same pace as incomes. The planning permission granted today allows for the addition of 12,500 sq metres (135,000 sq ft) which the BBC says will involve a separate structure connected to the existing shopping centre with a glass walkway.
The existing shopping centre was opened in 1999 and today houses over 50 retail units including Sainsbury’s, Next and Debenhams.
Parker Green International is controlled by Dr Gerard O’Hare who, according to the Independent Rich-List last year, was estimated to be worth €160m, and who controls commercial property in Northern Ireland, the UK, Eastern Europe and the USA.
NAMA Wine Lake 
So in December 2007 AFTER the ‘crash’ Irish investors did WHAT
“An Irish-backed consortium has spent $75 million (€54 million) to acquire three-quarters of an American shopping mall’-link below
‘Milford, CT Jeffrey Dunne of CB Richard Ellis’ New York tri-state region institutional group recently represented Milford Crossing LLC in the recapitalization of the ownership structure in Milford Crossing Shopping Center, a 377,123 s/f power center anchored by Wal-Mart, Jo-Ann Stores, Marshalls, Circuit City, Barnes & Noble, and Staples. The venture was valued at nearly $100 million with Parker Green, a Dublin, Ireland-based retail developer, and Willett Companies, the Rye, N.Y.-based property company, acquiring a 75% interest in the venture and Milford Crossing LLC retaining a 25% interest..’
http://nerej.com/21610
‘Willett and UK shopping center developer Parker Green own a 75% interest in Milford Crossing Center, a 370,000 sq ft specialty retail project prominently located on a 50 acres site on Route 1 in Milford Connecticut’
http://www.willettcompaniesllc.com/milfordshoppingcenter.html
‘The ownership split in the development is 80 per cent in favour of Parker Green, with the remaining 20 per cent of the centre owned by private clients of Willett’
http://www.thepost.ie/story/text/cwgbgbsnql/
Now here is where it gets interesting…
‘Frank Kenny is the founder and CEO of Willett Companies…
“We have a very solid staple of investors many of whom have come to us through Warren Private Clients in Dublin’
http://www.businessandfinance.ie/index.jsp?p=231&n=233&a=652
In Nama funds this then it should be shut down simply have PG sell its US shopping center repatriate the proceeds and off they go.
Is there a property company NOT connected with Bertie :-)
There will sure to be a lot of nonsense that Irish investors are limited partners and don’t control the sale it’s up to general partner etc etc .
In US there is a very active secondary market for LP units minority interests etc not too dissimilar to what the Barlcay Bros. did in buying Quinlans interest in Maybourne.
Here is one exit strategy for any Irish investor in Nama or otherwise that claims their US holdings are non liquid can’t be sold etc.
“Liquid Realty Partners
Liquid Realty is the global leader in real estate secondary investing. We focus exclusively on acquiring interests in real estate funds, partnerships, joint ventures, separate accounts, trusts and other private investment vehicles, and recapitalizing real estate assets and portfolios. Since 2001, we have accepted $1.5 billion in capital commitments, making Liquid Realty the largest provider of secondary and recapitalization liquidity.”
http://www.liquidrealty.com/index.html