• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« Why is everyone so scared of the R-word?
Now, AIB is hit with a €45m swap mis-selling claim »

Does this transaction look iffy to you?

April 22, 2013 by namawinelake

PGSCourt

The Irish Independent today reports on the sale of a property in England – you can read the “what” here. The property is called “PGS Court” and is located in a town called Walton-on-Thames which is a few miles outside London. It is a 31,000 sq ft office block on 1.6 acres and you can see an advertisement for the building in 2009 here. There are two players in this story. Firstly, there’s the Dunner himself, Sean Dunne who has recently filed for bankruptcy in Connecticut. And secondly there is Michael Fingleton junior, the 31-year old son of the former CEO of Irish Nationwide. Here’s the chronology, money is shown in sterling (GBP)

1999 Sean Dunne buys the property for GBP 9.3m

2012 (January) Sean sells the property for what the Independent says was “half that sum [GBP10m]” or GBP 5m. It is unclear who Sean’s estate agent was, but in 2009, it was being marketed by a small firm of estate agents, Quinton Scott, based in Wimbledon, south west London

The buyer appears to be an Isle of Man company called Kulio (IOM). However, another company, Hibernian Capital Limited incorporated in the UK and whose sole director is Michael Fingleton junior, has been described as the landlord of the building and according to the Independent, “his name appears on planning application documents” relating to the building.

2013 (February) Hibernian Capital leases the building to Kia Motors on 15-year lease. Hibernia was reportedly represented by Quinton Scott. Kia was represented by Savills.

2013 (April) Michael Fingleton junior is now selling the property with asking price of GBP 12.3m (selling agents reported to be Savills)

The reason this transaction is of direct interest to you is that the sale in 2012 was, according to the Independent, at the behest of creditors, namely Bank of Ireland which we 15%-own and in which we have €1.5bn of preference shares, and Bank of Scotland.

Of course the GBP 12.3m now reported is an asking price, but does anyone else think that it is a remarkable increase in 14 months, from GBP 5m to GBP 12.3m? According to IPD, commercial property generally in the UK has declined by 3.8% in the past 12 months.

Sean Dunne had a long standing relationship with Irish Nationwide. According to the Richard Curran special on RTE in February 2013, Sean owed Irish Nationwide €131.5m in December 2006.

If the Independent article is correct, particularly as regards the sale price last year and the asking price now, surely Bank of Ireland should be asking how the building has more than doubled in value in the space of 14 months.

Advertisement

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Banks, Developers, Hotels, NAMA, Non-Irish property | 11 Comments

11 Responses

  1. on April 22, 2013 at 2:32 pm john gallaher

    its a cut and paste job from yesterdays mail on sunday :)

    Interesting story on Michael fingleton jr in the Irish mail on Sunday today http://t.co/3ZYHnFVelL—
    Tom Lyons (@TomLyonsBiz) April 21, 2013


    • on April 22, 2013 at 2:38 pm namawinelake

      @JG, thanks, hadn’t seen that. Well, at least the Quinton Scott angle is emphasised above as is SD’s exposure to Irish Nationwide. But yes, well done to Michael O’Farrell at the Irish Mail on Sunday and yes Cormac Quinn in the Indo today might have credited the story.

      Indo is laughable really, right next to the Fingleton story today on page 4 in the Indo is a report from Charlie Weston in which he says Ulster Bank “is to charge customers €4 a month for using a current account, the Irish Independent has learned”, a few pages later on page 15 there is a 1/3rd page advertisement from Ulster Bank setting out in detail how it will be charging certain current account customers €4 from July 2013!


      • on April 22, 2013 at 2:40 pm John Gallaher

        @NWL-MonS has interesting NAMA position-approved,but unsourced.


  2. on April 22, 2013 at 3:07 pm Banama Republic

    The deal has been nominated for an award in London. Up against our old friends Blackstone….

    http://www.oasdevelopmentawards.co.uk/Index.asp

    Would say that the value of the building would’ve increased significantly by signing a new lease with a company like Kia Motors. Empty office buildings unfundable in UK at the moment….


    • on April 22, 2013 at 4:50 pm John Gallaher

      Still nice to retain agent that sold it to you….to resell it after sourcing tenant,that would be kinda like a favour….or perhaps the parties involved all have long standing business relationships…oh hold on!


      • on April 22, 2013 at 7:14 pm Banama Republic

        Looks like everybody’s kicked a goal


      • on April 22, 2013 at 8:39 pm Dorothy Jones

        Sean and Michael Fingleton snr enjoying the match 2008

        http://www.independent.ie/irish-news/dunne-is-still-reaching-for-the-sky-26428930.html


  3. on April 22, 2013 at 4:28 pm V.H

    Hasn’t it now got a 15 year tenant. Wouldn’t that put a premium. What I’m surprised is the lack of change since 1999. Btw, won’t this symbol do £ instead of your GBP. I don’t think it’s being used anyplace else now we’re jettisoned it.


  4. on April 22, 2013 at 6:20 pm Gerry Douglas

    Looks like it could be something often referred to as financial engineering.


  5. on April 22, 2013 at 8:49 pm John Gallaher

    @DJ in the barron’s own words-this NYT’s piece just never gets old-is that the same suit…..from the recent splash on good friday in Indo.
    Assuming it/they are bespoke suits perhaps it will be listed,when we eventually get a peek at the assets or lack there off.Can someone pop by a salvation army store or charity shop and get an estimate for a worn out,old suit-no not a developer :)

    “Jealousy and begrudgery are still alive and well in Ireland, and whoever eradicates them should be prime minister for life,” he says as he tucks into a heaping plate of gravy-drenched turkey and mashed potatoes in the restaurant of one of the two hotels he owns — and is hoping to raze. “It’s part of the Irish psyche and it is the result of 800 years of being controlled by other people, of watching everything the master or landlord is doing.”
    http://www.nytimes.com/2009/01/04/business/worldbusiness/04ireland.html?pagewanted=all


  6. on April 22, 2013 at 9:18 pm Michael Fingleton - Page 3

    […] Does this transaction look iffy to you? | NAMA Wine Lake NWL and Irish Mail on Sunday are all over this story, have only just noticed. Sign in or Register Now to reply […]



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 4 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 4 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 4 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 4 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 4 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 4 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 4 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 4 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    April 2013
    M T W T F S S
    1234567
    891011121314
    15161718192021
    22232425262728
    2930  
    « Mar   May »
  • Blog Stats

    • 5,113,863 hits

Blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
 

Loading Comments...
 

    %d bloggers like this: