Four in race to buy Northside Shopping Centre
Bids to Nama believed to value assets in O’Farrell portfolio at over €50m
Brian O’Farrell: he is one of the so-called Maple 10 developers loaned money by Anglo Irish Bank to buy shares that were formerly contracts for difference held by Seán Quinn. Photograph: Collins Courts
Four bids have been received by the National Asset Management Agency for loans with a face-value of €225 million associated with Brian O’Farrell, the north Dublin developer and auctioneer.
The four bidders are CarVal Investors, Fortress Investment Group, Development Securities plc and Patron Capital Partners . They are believed to value assets in Mr O’Farrell’s portfolio at north of €50 million in the sale process which is co-named Project Drive.
Nama put Mr O’Farrell’s loan portfolio, which includes the Northside Shopping Centre, a retail centre in Poland, a site in north Dublin, and a large house in the K Club, up for sale in February. EY, formerly Ernst & Young, is handing the sale of Project Drive.
Mr O’Farrell is one of the so-called Maple 10 developers lent money by Anglo Irish Bank to buy some of its shares that were formerly contracts for difference held by Seán Quinn.
Mr O’Farrell had worked extensively on plans to redevelop the Northside Shopping Centre – which dated from the 1970s – prior to Ireland’s property bubble collapsing and it is expected any new buyer will invest further in redeveloping the site.
Mr O’Farrell has been in the auctioneering business for almost four decades and is principal of O’Farrell Cleere, Estate Agents and Valuers in Malahide, which is not impacted by the Nama loan sale.
He first became involved in property development in 1982 and his big break was to acquire the Malahide Boat Yard in 1982 which he later sold on along with other adjoining sites to Gannon Homes.
The bidders for his loans are all already active in the Irish market.