There had been a slight relenting in the pace of NAMA foreclosure action since the end of August 2012, but courtesy of today’s edition of Iris Oifigiuil we find that NAMA has had receivers appointed to eight companies, all ultimately majority owned by NCB Stockbrokers. How serendipitous that there was a blogpost on here today about judges and politicians in NAMA – the betting would be that it is this type of professional – if that’s the correct term for a politician – whose money went into the developments controlled by NCB. There is a ninth receivership announced today also which is totally unrelated to NCB, and it is detailed at the end of this blogpost.
The eight NCB companies are
(1) AKLEY PROPERTIES LIMITED On 18th Sept NAMA had Mr. Kieran McCarthy of Hughes Blake, Joyce House, 22/23 Holles Street, Dublin 2 appointed as receiver. The company is based in Sandyford Dublin. Its directors are William Mulrooney (67) and Patrick Shine (57). The company is 100% owned by owned by Ardawn Developments PLC whose directors are Shane Hassett (42) Greg Dilger (52) and Patrick Shine (57). Ardawn Developments PLC is in turn owned by Cova Properties Limited (5%) and NCB (Development) Nominees Limited (85%). Cova Properties Limited owned by Cova Property Holdings which is ultimately owned by Brendan Fizsimmons, Patrick Shine and William Mulrooney and NCB Development Nominees Limited is owned by NCB Stockbrokers Limited.
(2) ARRYTON PROPERTIES LIMITED On 18th Sept NAMA had Kieran McCarthy of Hughes Blake appointed as receiver. The company’s directors are William Mulrooney (67) Patrick Shine (57) owned by Ardawn Developments PLC. See (1) above for Ardawn’s pedigree,
(3) ATARA PROPERTIES LIMITED On 18th Sept NAMA had Kieran McCarthy of Hughes Blake appointed as receiver. The company’s directors are William Mulrooney (67) Patrick Shine (57) owned by Ardawn Developments PLC. See (1) above for Ardawn’s pedigree,
(4) AYERS PROPERTIES LIMITED On 18th Sept NAMA had Kieran McCarthy of Hughes Blake appointed as receiver. The company’s directors are William Mulrooney (67) Patrick Shine (57) owned by Ardawn Developments PLC. See (1) above for Ardawns pedigree,
(5) BRATTICE PROPERTIES LIMITED On 18th Sept NAMA had Kieran McCarthy of Hughes Blake appointed as receiver. The company’s directors are William Mulrooney (67) Patrick Shine (57) owned by Duskhill Properties Limited which is in turn owned by three companies – (1) Astonbridge Limited which is in turn owned by Ardbawn Developments PLC (see above) (2) Belcanto Properties Limited which is in turn owned by Ardawn Developments Two PLC (see above) and (3) Dayjeur Properties Limited
(6) DAWNHILL PROPERTIES LIMITED On 18th Sept NAMA had Kieran McCarthy of Hughes Blake appointed as receiver. The company’s directors are William Mulrooney (67) Patrick Shine (57) owned by Duskhill Properties Limited which is in turn owned by three companies – (1) Astonbridge Limited which is in turn owned by Ardbawn Developments PLC (see above) (2) Belcanto Properties Limited which is in turn owned by Ardawn Developments Two PLC (see below) and (3) Dayjeur Properties Limited
(7) FYNBOS PROPERTIES LIMITED On 18th Sept NAMA had Kieran McCarthy of Hughes Blake appointed as receiver. The company’s directors are William Mulrooney (67) Patrick Shine (57) owned by Bolero Properties Limited (80%) [which is in turn owned by Ardawn Developments Two PLC which is ultimately owned by Cova Properties Limited (5%) and NCB Development Nominees Limited (85%) – Cova Properties Limited owned by Cova Property Holdings, owned by Brendan Fizsimmons, Patrick Shine and William Mulrooney and NCB Development Nominees Limited owned by NCB Stockbrokers Limited] and Sean Lyons (20%)
(8) WINDHILL PROPERTIES LIMITED On 18th Sept NAMA had Kieran McCarthy of Hughes Blake appointed as receiver. The company’s directors are William Mulrooney (67) Patrick Shine (57) owned by Duskhill Properties Limited which is in turn owned by three companies – (1) Astonbridge Limited which is in turn owned by Ardbawn Developments PLC (see above) (2) Belcanto Properties Limited which is in turn owned by Ardawn Developments Two PLC (see below) and (3) Dayjeur Properties Limited
NAMA also had receivers appointed to another company in the Cleary Doyle group, NAMA had receivers appointed to this group back in .
(1) CLEARY & DOYLE CONTRACTING LIMITED On 12th September NAMA had Siobhan O’Dwyer of O’Dwyer Property Management Limited appointed receiver. The company incorporated in 1991 is based in Larkins Cross, Wexford and its directors are Eugene Cleary (73) John Doyle (72) Brian Byrne (49) – it is 100% owned by Cleary and Doyle Limited
Remember you can see a comprehensive list of Irish foreclosure action by NAMA here and in this regularly updated spreadsheet.
Some background from the IT in September 2005:
‘Ardawn Developments, a newly formed property company investing in development land, has raised EUR 53 million from private clients of NCB Stockbrokers.
‘With bank borrowings bringing the overall fund up to EUR 120 million, the company has already invested EUR 52 million in seven sites in the greater Dublin area. Its policy is to buy land with development potential, bring it through the planning process and sell it on at a profit.
‘Ardawn is managed by Cova Properties, which was involved in the redevelopment of Blessington town centre.
‘Cova and Ardawn are managed by Pat Shine, a former partner in PwC, auctioneer Bill Mulrooney and builder Brendan Fitzsimons.’
This from September 2007 (by which time it was increasingly clear the game was almost up.)
‘Bathroom fittings group Qualceram Shires has agreed to sell its 13-acre headquarters site in Arklow, Co Wicklow, to a property fund for EUR 31 million.
‘The company said yesterday that it had exchanged contracts with Brattice Properties, a subsidiary of investment fund Ardawn Developments Two.
‘The EUR 31 million price agreed compares to a guide price of EUR 35 million and industry expectations that the site would fetch at least EUR 40 million. It is thought Qualceram was cognisant of softening conditions in the property market in setting the final price’
It continued
‘Ardawn Developments Two was established in 2006 with EUR 100 million in backing from 500 clients of stockbroker NCB. The fund is the second such vehicle issued by Cova, the asset management group headed by Pat Shine.
‘The first Ardawn fund raised EUR 56 million from NCB clients. Both funds focus on property development projects, with a concentration on the Leinster area.
‘With Ardawn Developments Two now fully invested, Cova is set to begin marketing a number of individual sites to its existing client base rather than launching another fund.
‘Mr Shine said the firm would seek to “create an outstanding development that is sympathetic to the local environment” on the Arklow site, which is surrounded by water on three sides.
‘Cova was set up in 1998 by Mr Shine, a former partner in PricewaterhouseCoopers, former estate agent Bill Mulrooney, and property developer Brendan Fitzsimons. The company has more than EUR 500 million in assets under management.’
I’m assuming the professional gents who piled into Ardawn 2 realised long ago that they weren’t going to be seeing much of a return?
Not only NAMA,Ulster Bank is also looking for its money back,so annoying when that happens…………..that take the ‘shine’ of your day.
http://www.cbre.ie/portal/pls/portal/cbweb.property_frontend.show_property_brochure?id=22024
“Fleetwater, a company owned by the O’Grady Peyton family, has a 15 per cent shareholding in Crackington Ltd which controls Covewood Properties Ltd. Other shareholders with 5 per cent or more of the shareholding are JJ Murphy, Kevin Fitzsimons, Kilian Fitzsimons, Kieran Finane, Patrick Shine, Brendan Fitzsimons and William Mulrooney. Another company, Freshwood Ltd, also has a 5 per cent stake in the hotel and lands.”
http://www.irishtimes.com/newspaper/commercialproperty/2012/0711/1224319789042.html
oops looks like we got another X Anglo chap involved too………..ok,ok, enough with the Kevin Bacon,six degrees thing.
Did Ulster not own NCB at time of the buying binge…….
“Ayers Properties – owned by property company Ardawn Developments – has sought to amend the Newcastle Town Plan so that the 158 acres it owns around Blackditch House can be zoned for an integrated hotel, leisure and golf course facility.
“Due to the likely further increases in population in Newcastle and north Co Wicklow we contend that more land will be needed for recreational and leisure facilities,” the submission states. There is currently an ad on Daft.ie offering Blackditch House for sale.
Ardawn is an unlisted public limited company that is headed up by former PwC partner Pat Shine. Others involved include former Anglo Irish Bank chairman Peter Murray, developer Seán Lyne, builder Brendan Fitzsimons and NCB director Greg Dilger.”
http://buckplanning.blogspot.com/2009/04/developers-raise-glass-to-rezoning-in.html
Oh look Senator Fergal Quinn is a shareholder in Ardawn…
Ardawn: Ardawn Developments Two PLC., 3 George’s Dock, IFSC, Dublin 1;
http://www.oireachtas.ie/documents/publications/Sup28b-new.pdf
Wonder what the good Senator has to say about this….
“Other companies have excluded certain loss-making subsidiaries from the consolidation: Ardawn Developments Two Plc December 2009 accounts would be an example of this, in which the holding company excluded subsidiaries where it may not have to fund any deficit on liquidation of a subsidiary. ”
http://www.accaglobal.com/en/member/cpd/reporting/financial-reporting/eu-laws2010.html
Correction:NCB had been subject to a MBO in 2003.
So NCB raises €100 million from 500 private clients and advises them to……. wait for it……..”buy land with development potential, bring it through the planning process and sell it on at a profit.” A no brainer. Just copy Gerry Gannon – Ireland’s answer to Warren Buffett.
Is this the best that Ireland’s leading “wealth management” and investment advisors could come up with? The “Galway Tent Way to Riches”. Jesus wept! It’s the worst I’ve heard in a long time. It’s no wonder we’re donald ducked.
Has anyone got a sense for how much of this private client property investing went on?
In my own part of the world I’m familiar with the Goodbody helldisaster which burnt 100% of equity
http://kathleenbarrington.blogspot.co.uk/2011/03/stung-investor-wants-answers.html?m=1
And there is also a fund which was essentially farmers buying office blocks in Belfast
http://www.irishexaminer.com/archives/2007/0918/business/belfast-office-property-snapped-up-by-irish-farmers-for-17-million-42803.html
There was obviously Quinlan, but who else?
@JP, Davy was prominent, for example in the Irish Glass Bottle site in Ringsend which was bought by a consortium including Bernard McNamara, Derek Quinlan, the DDDA and Davy clients, for €400m+ at the height of the boom, now worth €30-50m and that’s after spending €100m+ on decontamination, demolition, site prep and interest.
https://namawinelake.wordpress.com/2010/11/30/irish-glass-bottle-site-court-case-set-to-expose-workings-of-ddda/
And of course Anglo and INBS assembled investors for projects. Not just the Maple 10!
We’re reminded today that Merrion Capital was a player also
http://www.independent.ie/business/irish/merrion-capital-sues-hotel-developer-to-recover-12m-loan-3248611.html
@JP caffeine not yet kicked in here are a few.
Warren Private-quite active in states.
D2-Deidre Foley-x Quinlan.
Custom House Capital-great book just out on this.
http://www.amazon.com/House-Cards-Penguin-Specials-ebook/dp/B008R96R0S
AIB and B of I also very active with private clients.
The NPRF whose manager is the NTMA,NAMA’s daddy and Enda Farrell’s prior gig before NAMA weirdly has loan notes from the very well connected NCB sponsored Ardawn.
They also committed 85,000,000 to Forum Funds,check out the market value….of all the gin joints in the world Farrell x NPRF x NAMA joins Forum!
What was Corrigan thinking,the RE strategy of the NPRF can best be described as throw enough muck at the wall,sure some of it will stick.
Luckily for the extremely over paid Corrigian none of his gargantuan guaranteed salary,perks,benefits are tied to performance.The NTMA go on and on ad nauseum about market salaries,at NTMA/NAMA to attract the best and brightest,employees getting poached etc.
A monkey throwing darts at the prospectus,would have done a better job with the RE than this crew,you can only hope they get poached,most likely by a firm that they made a overweight investment in,oh that just happened with Farrell.
He made a quick pit stop courtesy of the NTMA at NAMA,allegedly grabbed all the MOST important data and was planning on kicking back at Forum.He absolutely could NOT have been hired based on the horrendous performance of the NPRF.
Ardawn loan notes and Forum details on pg. 103,why is the NPRF investing in loan notes?
http://www.nprf.ie/Publications/2012/NPRFReport2011.pdf
“Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.”
I am sure that Beckett did not have the Irish stockbrokers and wealth advisors in mind when he wrote that – but if he had just written “Fail bigger” instead of “Fail better” it would have fitted their profile and achievements nicely.