“In four years time … we’ll have paid back everyone and we’ll be laughing” Developer and impresario Harry Crosbie speaking on RTE in 2011
News from the Daily Business Post this morning that NAMA has had receivers appointed to assets controlled by developer and impresario, Harry Crosbie. In an “exclusive”, Ian Kehoe reports that Stephen Tennant and Paul McCann of Grant Thornton have been appointed to a range of assets including two landmark assets in Dublin’s docklands area – the Point Village on the north bank and the Grand Canal Theatre in the south docklands. The DBP claims that Harry Crosbie owes NAMA €450m.
The Point Village shopping centre next door to the O2 has been suffering for some time, with a falling-out with Dunnes Stores which has meant the shopping centre looks distinctly deserted. It should be stressed that the O2 is not affected by the receivership.
Harry is one of NAMA’s higher profile developers and is probably in the Top 40. Apart from developing many schemes in Dublin, he is a promoter of events and indeed received a pair of golden cufflinks (are ye listening there NAMA) from Queen Elizabeth after organizing the reception in the Treasury Holdings-developed convention centre.
Two years ago, Harry was expressing optimism of working with NAMA, paying off as much as he could over a four-year period before waving goodbye to NAMA. Looks like that plan hasn’t worked out.
UPDATE: 20th April, 2013. Without citing sources, the Irish Times today claims that NAMA is poised to take control of Harry’s 50% in the O2 concert venue “next week”. The other 50% is said by the IT to be owned by Live Nation, the international events company. The IT reports that Harry owes NAMA €500m, split evenly between personal and corporate borrowings. Although many of the loans are non-recourse, some have a personal liability element.