Sale of Odyssey Pavilion to trigger £61m loss

The Odyssey Pavilion in Belfast, which has been put up for sale for £10m (€12.5m) on the instruction of administrator KPMG, will trigger a multimillion euro loss for the IBRC.

The former Anglo Irish Bank, now the Irish Bank Resolution Corporation, bankrolled Belfast businessman Peter Curistan for £71m to develop the Odyssey Pavilion.

The bank is now looking at a £61m loss on the deal, although the total sum is believed to be higher when interest charges are added.

There has been an ongoing legal battle between IBRC and Peter Curistan over the development.

Mr Curistan had a loan of £71m for the Odyssey Pavilion. Another company owned by Mr Curistan, Sheridan Millennium, has an outstanding loan of £12m with IBRC, which is the subject of ongoing litigation.

In another case, the IBRC has been awarded an €11m judgment against Mr Curistan by the Irish High Court in relation to another of his companies, Cambourne, which was behind the Parnell Centre development.

IBRC is still pursuing Mr Curistan for the full amount of the judgment by the Irish High Court. An IBRC spokesman said the bank will not be making a comment on the £10m sale of the Odyssey Pavilion.

The sale of the Odyssey Pavilion is being handled by the estate agents Savills.