Sheridan Group to resist Anglo's receivership plan for Parnell Centre

THE NORTHERN Ireland-based Sheridan Group has vowed to fight Anglo Irish Bank’s decision to place one of its major assets, the Parnell Centre in Dublin city centre, in receivership.

Peter Curistan, the chairman and founder of the Belfast-based property and investment group, said it intends to mount a legal challenge to the appointment of a receiver. It is understood that Kieran Wallace, from KPMG’s Dublin-based restructuring and forensic advisory practice, has been formally appointed as receiver to the Sheridan Group’s Parnell Centre portfolio.

It is likely that the appointment will trigger the transfer of certain loans advanced by Anglo Irish Bank relating to the Parnell Centre to Nama. The Sheridan Group acquired the original site for the Parnell Centre nearly two decades ago for an estimated €3 million. It was completed at a cost of £30 million in 1998.

The group’s early vision for the area resulted in a number of successful leisure, entertainment and residential development schemes.

Several of the retail components of the scheme were subsequently sold. Last year, however, the Belfast company spent in the region of €10 million buying back all of the retail units in the Parnell Centre, which is located off Parnell Street in North Dublin.

At the time, Mr Curistan said the Sheridan Group had plans to redevelop the site significantly and that it could act as a catalyst for further acquisitions. He said last night that he had been completely unaware of any issues with Anglo Irish Bank in relation to the Sheridan Group’s Parnell Centre portfolio.“I had the discourtesy to be informed by telephone by Anglo Irish Bank that they were going to appoint a receiver,” Mr Curistan said.

He said that less than a week ago he had received assurances from the bank that it was happy to work with him in relation to the Sheridan Group’s plans for the Parnell Centre. It is not the first time Anglo has acted against the Sheridan Group and Mr Curistan.

Last year it appointed a receiver in respect of a lease for the IMAX theatre in Bournemouth’s Waterfront Building.