NAMA takes over Butler firms

A NUMBER of companies owned by Limerick developer Robert Butler have fallen under the aegis of NAMA, accounts confirm.

The assets owned by Mr Butler’s companies would not have been included in NAMA’s annual report for 2010 — published last week — as the transfer of their loans took place in February of this year.

According to a note attached to the accounts of Robert Butler Holdings Ltd, arising from the transfer of the loans in February, “NAMA has agreed to initially provide financial support to the company’s operation, in very specific terms, for a three-month period commencing May 20, 2011”.

The note continues: “The directors are hopeful that this support will be extended and have not been given any indication that NAMA will not continue to provide the underlying debt facilities required, and on this basis they continue to prepare the accounts of the company on a going concern basis.”

The accounts just filed with the Companies Office show that investment properties owned by Robert Butler Holdings Ltd were written down by €4 million in the 12 months to the end of August 2010. The company had net assets of €3m at the time.

Accounts have yet to be filed by parent company, Robert Butler Group Ltd, which in its 2009 filings, showed an after-tax loss of €10.1m. Part of the group’s property portfolio is Anglo Irish Bank House at Limerick’s Henry Street.

Established over 30 years ago by chairman Robert Butler, the group’s development portfolio includes substantial properties in the Shannon Free Zone and the National Technology Park in Limerick.

Butler Group subsidiaries Dooradoyle BT Properties Ltd, Hollowfield Developments Ltd, Bluefort Properties Ltd and Millgrove Properties Ltd have had their loans transferred to NAMA.