Archive for November 28th, 2011

Last week, according to Iris Oifigiuil, NAMA appointed Statutory receivers within the meaning of the NAMA Act to two companies . The first, St James’ Developments Limited, might be described as a Capel group company – remember NAMA appointed receivers to a Capel group companies in April 2011 and has also commenced proceedings to obtain judgments against Capel directors personally, the directors being Edward Keegan, John O’Connor and Liam Kelly . What is a little odd about this latest receivership is that NAMA had already appointed Simon Coyle of Mazars as receiver in April 2011 to the same company, but on foot of different loan securities. I have noticed this of late – NAMA appointing receivers more than once to companies on foot of different securities. One interpretation might be that a security was imperfected or missing when the first appointment was made.

The second company to which NAMA appointed receivers was Colca Developments Limited, a company associated with Derek Quinlan, Bernard McNamara, Patrick Mooney – the so-called “Scott Partnership”. The company was associated with the development of a site on Sir John Rogerson’s Quay in the south Dublin Docklands. NAMA appointed Con Cronin of GVA Donal O’Buachalla to assets of the company.

Remember you can see a comprehensive list of Irish foreclosure action by NAMA here and in this regularly updated spreadsheet.

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The UK commercial property news website, Costar, reported on Friday last that NAMA has exchanged contracts for the sale of an office development site in Croydon, south London with a price tag reported to be GBP 3m (€3.5m). The site was formerly owned by one of Anglo’s borrowers, Magnet Property Investment. The buyer is Abstract Securities, a company controlled by Mark Glatman (photos and profile here), and the intention is to develop a 100,000 sq ft office block on the site.

NAMA generally doesn’t comment on individual sales – the best the Agency will give is an overall total of disposals of loans and property which cumulatively stands at some €4.6bn approved – but you can access the results of the endeavours on here to keep track of NAMA sales reported in the press and elsewhere.

UPDATE: 28th November, 2011. Yes the eagle-eyed amongst you might have linked the reported sale of the site in Croydon which was heavily hit by the London riots in August 2011 and NAMA’s Head of Portfolio Management John Mulcahy’s musings on the causes of the riots when he held forth last month at the annual RESI conference in Wales organised by Property Week and suggested easily portable flat screen TVs were to blame for the riots. You might ask if NAMA’s valuation  of the Croydon site sold last week was influenced by its proximity to shops selling household electrical items.

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