NAMA re-appoints receivers to firm

THE National Asset Management Agency has re-appointed receivers after a deadline for property developers Ray and Danny Grehan to meet a €660m demand for payment expired yesterday evening.

The brothers had been given until close of business yesterday to meet the agency’s demand for payment.

Receivers originally appointed last Wednesday were stood down by NAMA on Friday evening following a request by the developers for more time.

However the deadline passed and no payment was made.

Ray Grehan was given just hours notice last Wednesday that NAMA was seeking full repayment of more than €650m owed by the developer, his brother Danny and their company Glenkerrin Homes.

Having failed to meet last Wednesday’s deadline, statutory receivers were appointed to the company and assets including the former site of the UCD veterinary college in Dublin. In 2005 this was the most expensive site per acre in the state’s history when bought by Ray Grehan for €171m.

The brothers’ had hoped that returns from their London properties would ensure the €650m debt owed to the state would be cleared.

They own an apartment block in London’s docklands called The Forge, and a site in the same region of the British capital with planning for a residential tower.

The developers also own the Crowne Plaza Hotel in Shoreditch which is also in east London. They had been hoping that NAMA would finance the completion of an extension to the hotel.

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