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Campbell - significant discount from what? A bubble price?

East Londonderry MP Gregory Campbell said he feared the move could see the hotel sold at a significant discount.

He said it could mark the start of a so-called "fire sale" by Nama of properties it holds in NI.

Nama has always maintained it is not in its interests to have a fire sale in Northern Ireland.

The news was met with shock by the owners and local politicians.

DUP MPs Gregory Campbell and Ian Paisley have expressed concern at the administration move and said they hoped to raise the matter with Nama through Finance Minister Sammy Wilson in the days ahead.

Indeed. The way this is being reported and spun made my blood boil when I read it. What's the 'fear' exactly? That the hotel is sold to someone who doesn't need to service unsustainable debt and so has the capital to actually improve the business? What a f***ing disaster!

Why exactly is it that our local politicians wish to keep asset prices inflated and therefore a brake on economic recovery?

Edited by shipbuilder
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BBC news said (Nama) the company's banks wanted immediate (within 24 hrs) payment of £48 million to settle all debt including property companies related debt - so appears the hotel is just the visible tip of this iceberg.

The BBC Newsline piece said the Enkalon biz park near Junction One is one of the assets in receivership

http://www.osborneking.com/news-item.aspx?News_ID=10075&FriendlyID=Antrim-To-Reap-Rewards-Of-Major-Development

There are also some resi sites around Portrush and Portstewart.

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Is this not essentially what's happening with the mcginnis site in Dundonald? Mcginnis is building it for NAMA using NAMA money?

It's only v slightly different in that Millmount is an enforced asset - but yes any Nama developer who is building houses is being funded by Nama.

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It's only v slightly different in that Millmount is an enforced asset - but yes any Nama developer who is building houses is being funded by Nama.

Not correct. Performing loans were also taken over bu NAMA if they were over a certain amount and property related. The builder may be funding the WIP, serving the interest and paying the interest.

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According to their accounts all their loans are in NAMA. All monnaboy loans.

Coopers Mill was, I think, in one of the Dermont SPVs which is a McGinnis-Herbert/ McCormack JV and because Nama were persuaded not to take the Herbert loans it stayed out.

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Coopers Mill was, I think, in one of the Dermont SPVs which is a McGinnis-Herbert/ McCormack JV and because Nama were persuaded not to take the Herbert loans it stayed out.

So they borrowed 60 mill from BOI to buy the coopers mill site, but haven't entered NAMA because of Herbert. Presumably Herbert used SPV on all his property deals? Completely separated from the chicken sales. Now way this development is going to be able to repay 60 mill.

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Date:9 March 2012 Issue Number:7382 Page number:147

Publication Date: Friday, 9 March 2012

Notice Code: 2703

Statement by General Partner

LODGE ROAD PROPERTY PARTNERSHIP LP

(the “Partnership”)

Notice is hereby given that pursuant to section 10 of the Limited Partnerships Act 1907, on 2 March 2012 Sean Patrick Devine and Mary Devine (the “Transferors”) transferred 100% of their joint interest in Lodge Road Property Partnership LP (the “Partnership”), a limited partnership registered in Northern Ireland with number L.P.26, to Mary Devine (the “Transferee”). Accordingly, with effect from 2 March 2012, the Transferors ceased to be a limited partner of the Partnership and the Transferee became a limited partner of the Partnership.

For and on behalf of Moore Stephens Chartered Accountants as Manager of Lodge Road Property Partnership LP

http://www.bbc.co.uk/news/uk-northern-ireland-19293088

http://www.bbc.co.uk/news/uk-northern-ireland-19094292

Would this detail explain the above??

http://www.business.detini.gov.uk/iva_register/IVADetails.aspx?Reg_ID=7970

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Garrivan and O'Rourke in administration

http://www.bbc.co.uk/news/uk-northern-ireland-22249258

A Newry building company that employs 50 staff has gone into administration. Garrivan and O'Rourke, established in the 1980s, blames the continued downturn in the construction sector.

Some of its work involved Housing Executive maintenance contracts. Staff involved in the contracts had earlier staged a protest over non-payment of their wages last week.

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Garrivan and O'Rourke in administration

http://www.bbc.co.uk/news/uk-northern-ireland-22249258

A Newry building company that employs 50 staff has gone into administration. Garrivan and O'Rourke, established in the 1980s, blames the continued downturn in the construction sector.

Some of its work involved Housing Executive maintenance contracts. Staff involved in the contracts had earlier staged a protest over non-payment of their wages last week.

Banked with Ulster - looks pretty much like a pure contractor which ran out of work.

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Banked with Ulster - looks pretty much like a pure contractor which ran out of work.

I would say they had perhaps plenty of work but had been pricing it at a loss to get the work. There could be many other, pure contractors in the same boat.

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I would say they had perhaps plenty of work but had been pricing it at a loss to get the work. There could be many other, pure contractors in the same boat.

There are - its being going on for at least three years. People are chasing cashflow in the hope that things will pick up and allow them to get a margin again. Alas you can only play that game for so long.

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  • 415 Brexit, House prices and Summer 2020

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