Liquidator appointed to Millennium Park developers

Galway-based company paid €312m for Naas complex, later sold by Nama for €36m

Millennium Park in Naas, Co Kildare: a business park and some 340 acres of development and agricultural land

Millennium Park in Naas, Co Kildare: a business park and some 340 acres of development and agricultural land

 

A liquidator has been appointed to a property development company that was involved in one of the biggest pre-crash land deals in the State, according to documents filed with the Companies Registration Office last month.

Patrick Horkan of KPMG was appointed liquidator to Galway-based Osberstown Developments Ltd, which was controlled by developers Tom Considine, Paddy Sweeney and local businessman Gerry Prendergast.

In 2006, they paid about €312 million to acquire the Millennium Park complex in Naas, Co Kildare, which comprised more than 400 acres of offices and land suitable for development.

It was then sold by Nama in mid-2015 for about €36 million to investors headed by Tetrarch Capital.

Last November, six offices within Millennium Park, along with some properties in Dublin formerly connected with developer Liam Carroll, were sold by Tetrarch and US investor Pimco to the ESB pension fund in a deal valued at €140 million.

This provided a liquidity event for Pimco, while Tetrarch remained as an investor with the ESB pension fund in the portfolio of properties.

Millennium Park comprised a business park and about 340 acres of development and agricultural land when purchased by Osberstown in a deal backed by loans from AIB. The loans were transferred to Nama following the crash.

The latest set of accounts filed for Osberstown was for 2013, when it closed the year with net liabilities of €460 million.

Some €160 million in bank loans and overdrafts was due to be repaid within one year. The company was dependent on working capital funding from Nama, according to the accounts.

The bank loans were secured by a mortgage debenture on 292 acres of land, 61,305sq ft of office space at Millennium Park, and a letter of guarantee for €129.3 million from the three developers.