Treasury 'hopeful' about securing some of Nama's €4bn of funding

ONE MORE THING:WITH THE National Asset Management Agency preparing to make €4 billion available out to 2016 in construction funding and vendor financing, Treasury Holdings' Irish managing director John Bruder is "hopeful and expectant" than the developer will be able to access this funding.

This might be wishful thinking given the litigation outstanding between them following Nama’s decision in January to call in some of Treasury’s loans.

“We’ve always said that we want to work with Nama, not against Nama,” Bruder added.

One of the loans not called in by the State loans agency relates to the Stillorgan Shopping Centre, which forms part of a portfolio financed through a €375 million facility arranged through Eurohypo in London.

The bonds mature in January 2013 and Treasury has begun talks with lenders on extending the maturity profile of the notes.

“This is a very good portfolio that can only grow in value,” Bruder said confidently.

Last October, Treasury gave a presentation on the portfolio to the bondholders.

Among other things it outlined the business plan for Stillorgan for 2012. This included attracting Kilkenny Design, Donnybrook Fair and Dealz as new tenants.

Tesco has completed a €4 million extension of its store while Aldi is in talks on an adjacent site owned by Treasury.

Separately, two directors of Treasury Holdings have stepped down. Kevin Kelly has resigned as chairman, being replaced in the role by Richard Barrett.

UK-based Robert Tincknell left on May 1st. He oversaw the Battersea Power Station project, which was put into administration last year by Nama and Lloyd’s Banking Group.