NAMAed Gerry Gannon in €8m British sell-off

The Independent’s Shane Hickey today reports that Gerry Gannon has sold eight properties at auction in England this week which grossed him GBP 5.2m (€6.5m) and that today, Thursday, auction company Acuitus will try to sell a further three properties with guide prices of GBP 1.3m (€1.6m). In addition, 11 properties that were slated for auction earlier this week didn’t sell or in the case of two, were withdrawn. In August 2012, the sale was completed of Gerry’s so-called “Chrome Portfolio” of €120m English commercial and residential properties, the buyers were a British consortium of Pears and Development Securities.

The properties sold are identified as being “throughout England including West Sussex, Stratford and Northampton”, a bank building in Bury and the three properties up for grabs at Acuitus’s auction today are two retail units in Surrey and a car park in Hertfordshire.

Gerry’s status in NAMA is unclear – the Agency hasn’t apparently foreclosed on any of his loans. He is reputedly one of the NAMA Top 10, but there has been no reported word on his business plan and whether or not, he is one of the NAMA “saved”. A number of Gerry’s properties were burned in arson attacks last year, and Gerry – “the Edge” of the property development business with his permanent headgear, a black fedora – offered a reward for information on the attacks.