Firm ‘has interest’ in property

A Bernard McNamara company, Aroana Limited now in Nama, paid €9.16m in 2005 for the former Scottish Legal Life-owned premises at 18/19 College Green, Dublin, and never took up legal title to it, the High Court was told yesterday.

Barrister Eoghan Cole, counsel for Aroana receiver Declan Taite and Scottish Friendly Assurance Society Limited, was granted a declaration that Aroana was entitled to the beneficial interest in the premises which, he said, was now on sale to a third party for €3m.

Mr Cole said that, for whatever reason unknown to the receiver and which had only recently come to light, no deed of conveyance had been executed between the parties. A mortgage had been taken out with the former Anglo Irish Bank.