THE imminent sale of the Elysian tower development to an as-yet unconfirmed international fund, with 217 fully let apartments and commercial units at what’s understood to be a 5% return, may see a snowball effect of REITs and funds interested in Cork city’s multi-family unit sector.

Nama decided to proceed with appointing receivers over assets of various Treasury Holdings companies without telling the developer, which was in advanced negotiations with investors, the High Court has heard.

Treasury Holdings gave an “unequivocal” undertaking earlier this month not to bring a legal challenge to the appointment of receivers over several of its assets if Nama allowed a two-week “standstill” period which Nama had given, the High Court was told yesterday when Treasury’s challenge to those receivers came before the court.

Treasury Holdings has been granted a preliminary High Court hearing, for this morning, challenging a move by Nama to appoint receivers to a number of its Irish-based properties following the non-repayment of the company’s loans to the agency.

ACTIVITY levels in the Irish marketplace have picked up for Treasury Holdings — who say deals are being done at prices that enable commercial tenants to make money.