Pre-tax profits at the UK arm of Sean Mulryan’s Ballymore property development business fell 37% to £88.3m (€103.4m) last year.

Ballymore Group, led by prominent Irish developer Sean Mulryan, is combining with a Malaysian property investment company to develop three London sites in a €2.8bn joint venture.

The Ballymore Group has won council approval for a plan to turn a former DHL depot and adjoining land into almost 2,000 houses at a site beside Battersea Power Station in London.

The National Asset Management Agency has lent around €360 million in working capital to developers to finish projects in Britain.