Business

Land agency to get first refusal on RTÉ's Montrose site

Seen & Heard: Most voters want USC abolished and AIB sells shopping centre loans

AIB is seeking to sell loans tied to two of the largest shopping malls in the state, the Blanchardstown Shopping Centre and the Square in Tallaght

Sun Sep 17 2023 - 12:08

The State’s Land Development Agency (LDA) has told RTÉ that it must be given the first refusal on the purchase of the broadcaster’s base in Montrose, Dublin 4, in the event that it is put on the market, the Business Post reports.

RTÉ's new director general Kevin Bakhurst said last week that “all options are on the table” regarding the site, which spans 23.5 acres, as the state-owned company relies on the Government for a €55 million bailout.

The newspaper said the LDA’s move to have the first call on the land could severely limit the chances of achieving maximum value. It said that should the LDA buy the entire site, it would probably come to less than €100 million – well short of the range between €300 million and €500 million that has been speculated in recent days.

Most voters want USC abolished

The Business Post also reports that 71 per cent of voters want the controversial universal social charge (USC) abolished before the next general election, which must be held by March 2025.

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Scrapping the levy is one of a number of demands voters are making as the Government prepares a big spending budget next month, even though the Irish Fiscal Advisory Council (IFAC) has called for greater control of spending.

The Government is planning for a €6.4 billion budget package of permanent measures, involving a €1.1 billion tax package, with the rest going on spending increases. IFAC objects to the plans to breach a previous rule limiting permanent spending increases to 5 per cent.

FAI pursues claim against Deloitte for Delaney-era audits

The Football Association of Ireland (FAI) has signalled that it is continuing to pursue a claim against the association’s former auditors, Deloitte, over work on its accounts during the time when John Delaney was in charge, the Sunday Independent report.

While the FAI initially filed a legal case against Deloitte over three years ago, it had been in abeyance until last week, when it filed a motion that will come before the court at the end of November, according to the report. Mr Delaney quit as FAI head in 2019.

The FAI had to restate previous years’ accounts in 2019 and 2020 and made a €3.5 million provision for underpayment of taxes and fines due to the Revenue Commissioners. The report noted that legal actions taken against accountancy firms are usually settled out of court.

AIB to sell loans tied to big Dublin shopping centres

AIB is seeking to sell loans tied to two of the largest shopping malls in the state, the Blanchardstown Shopping Centre and the Square in Tallaght, according to The Sunday Times.

The Blanchardstown centre is owned by Wall Street giant Goldman Sachs and the Square is under the control of US investment firm Oaktree Capital Management.

The Blanchardstown loan has a face value of €175 million and is part of a broader syndicated senior debt facility of €570 million provided by a number of lenders, according to the paper. Goldman Sachs was also reported in June to have appointed advisers to find a buyer for the complex.

AIB is also the main lender to the Oaktree vehicle that owns the Tallaght centre, with a debt of €191 million as of the end of 2021, according to the paper. The Square is also reportedly being lined up for sale.

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