Three weeks ago, NAMA started moving against a Northern Ireland property developer, the Kennedy Group, with administrators appointed to a range of assets including the Ramada Portrush Hotel. There was an unusual reaction that we aren’t used to on this side of the Border with three DUP politicians, Gregory Campbell, Ian Paisley junior and finance minister Sammy Wilson expressing concern about the foreclosures.
This morning, the BBC reports that seven additional properties have placed in receivership at the behest of NAMA. The companies in the group affect and properties are listed below:
ACI Developments Limited – “four parcels of land close to the Junction One centre in Antrim”
Waterside Crescent Limited – “two retail warehouses on Strand Road in Derry”
Kennedy Investments Limited – “adjoining sites on The Crescent in Portstewart which have planning permission to build 24 apartments”
When the foreclosures took place earlier this month, the political outcry seemed to be placated with a prompt NAMA announcement of a €11m investment in a DUP-stronghold in the south-east of Belfast.