McNamara in running to redevelop Canada House

Seen & Heard: developer and PJ Walls vying to redevelop site owned by Denis O’Brien

Developer Bernard McNamara: reported to be in the running to redevelop Canada House in Dublin on behalf of its owner, Denis O’Brien. Photograph: Collins

Developer Bernard McNamara: reported to be in the running to redevelop Canada House in Dublin on behalf of its owner, Denis O’Brien. Photograph: Collins

 

McNamara back in the game The Sunday Times reports that Bernard McNamara, the developer who ran up debts of €2.7 billion at the height of the boom before going bankrupt, is in the running to redevelop Canada House in Dublin on behalf of the building’s owner, Denis O’Brien. The developer, who exited UK bankruptcy in March, is vying with contracting firm PJ Walls for the project, the paper says.

The paper also reports that Northwood Investors, the US investment firm that bought Bord Gáis’s Dublin headquarters for €27 million from Nama two years ago, is on the verge of almost quadrupling its investment. Northwood put up just €5 million in equity to buy the building, the Sunday Times claims. It could walk away with up to €20 million if the building, as expected, fet- ches in excess of €40 million.

Irish Bank Resolution Corporation has appointed a receiver over the 20-storey Kutuzoff Tower in Moscow, which at almost $200 million (€147 million) is the most valuable asset in the international property empire formerly controlled by Sean Quinn, the Sunday Times also reports. Quinn, who owes the bank €2.8 billion, is embroiled in ongoing litigation with IBRC.

Ganley’s $500m tech firm The Sunday Independent reports that Declan Ganley’s Rivada Networks tech security firm was valued at about $500 million (€367 million) by advisers, as part of preparations for a $7 million fund-raising. Ganley told the newspaper “you’d don’t rule anything out” regarding a flotation of the business.

Bank of Ireland must pay about €116 million in compensation and interest to a Spanish company after it sued the bank for pulling out of a €360 million boomtime deal to buy a shopping centre in Zaragoza, the Sunday Independent also reports. Spain’s supreme court has confirmed an earlier ruling by the Madrid high court that it must pay the money to the vendors.

Allianz has lent $110 million to Paddy McKillen’s Clarendon group to buy out the last of his Irish bank loans, the Sunday Independent reports.

The Anglo Irish Bank loan, linked to the purchase of a skyscraper in Boston, was sold by IBRC, which offloaded most of McKillen’s other loans last year.

Apple’s tax under scrutiny The Sunday Business Post reports that the European Commission’s investigation into the tax arrangements of US multinationals operating in low-tax European jurisdictions will examine in detail Apple’s arrangements in Ireland.

The paper says the investigation will address whether any special arrangements entered in to between the State and the company constituted illegal state aid.

Third-level graduates who enter the jobs market this month are facing the lowest first-time salaries on offer to college leavers in 10 years, according to the Post. The average graduate’s starting salary has fallen from €27,000 in 2007 to under €24,000, according to the Higher Education Authority. The average starting salary for arts graduates is under €20,000.