Developer Grehan allowed to regain control of assets from Nama

The developer Ray Grehan has been allowed regain control of his assets from Nama.

Developer Grehan allowed to regain control of assets from Nama

The developer Ray Grehan has been allowed regain control of his assets from Nama.

The State assets agency has given him until the close of business on Tuesday to repay some €650m debts owed by the Glenkerrin Group.

Last Wednesday a statutory receiver was appointed by Nama to the properties belonging to the Mr Grehan and his family.

But last night the receivers Paul McCann and Michael McAteer of accounting firm Grant Thornton handed back control to Mr Grehan.

It is understood Mr Grehan had requested more time to respond to the agency's demand for payment and to the application to appoint a receiver.

Ray Grehan's major interests include the Glenroyal Hotel in Maynooth, the Grange Apartment Complex in Stillorgen and the former site of the UCD Veterinary College in Ballsbridge.

More in this section