‘They’ll have to take me to court if they want me out,’ says evicted Limerick woman

Tara Robinson has vowed to fight eviction from her home at The Strand Apartments Complex, Limerick, by direction of US ‘vulture fund’ firm Oaktree Capital.

Shortly before Christmas, Robinson, 43, received a letter stating she was to vacate her home of seven years by April 19.

Sova Properties Ltd, a subsidiary of Lalco Holdings Ltd, which was previously in charge of the apartments, had, according to its latest filed accounts, net liabilities of €64m, and bank loans of €118,407,352. This debt was transferred to Nama on August 13, 2010, prior to Nama selling the loans to Oaktree Capital Management, on July 21, 2016.

According to Sova Property Ltd it was then directed by Oaktree to sell the apartments by vacant possession.

“I found the eviction notice in my letterbox when I got home from work. It explained that the apartments were going to be sold by June 2017, and that they were not going to be sold with any tenants in them,” said Ms Robinson.

At least 25 of the 120 apartments in question have been sold.

The Strand apartments in Limerick. Pic: Press 22.

Ms Robinson, who said she never missed the €700 monthly rent on her home, added: “I’m angry. I just can’t believe it. I paid my rent on time throughout a horrible recession. The fact that some faceless vulture fund now owns my home, and want me out, and don’t care about me, is making me really angry.”

Residents, organised by AAA councillor Cian Prendiville, are joining forces to try to fight the evictions, with Mr Prendiville querying the validity of the eviction orders.

Ms Robinson declared: “I’m not going. I’m not going to leave. They’ll have to take me to court if they want to get me out. I just think it’s wrong and people need to take a stand.”

According to its latest accounts, Sova Properties says it intends to complete the sale of all assets “as quickly as possible” and pay off debt to Oaktree Capital by 2020.

Sova stated: “Debt secured against these properties was sold by Nama to Oaktree which has directed that Sova sell the properties to repay the debts. Sova remains in ongoing communication with tenants. Unless there are specific circumstances to the contrary, Oaktree’s view is that value is maximised by sale with vacant possession.”