Ulster Bank gets new charges on Jurys site

Ulster Bank has taken out new charges over the companies through which developer Seán Dunne controls the Jurys hotel complex in Ballsbridge, which he amassed in 2005 at a cost of €379 million. Ulster Bank financed the transactions.

Newly-filed records show that Mr Dunne's vehicle Padholme provided the new guarantees to the bank last month in respect of two wholly-owned subsidiaries, known as JDPHC and BCPHC, which are part of the corporate structure that owns the properties.

The guarantees included a composite share charge in respect of the entire share capital of both JDPHC and BCPHC.

An unlimited company, JDPHC was formerly known as Jurys Doyle Property Holdings Company. BCPHC is also an unlimited company. Padholme is ultimately owned by a firm called DCD Builders, which itself is owned by Mr Dunne.

"From the outset, Ulster Bank has been entitled to a charge over the properties and the various companies which own the properties," Mr Dunne's spokesman said last night.

"The charges which were recently registered were administrative updates to maintain this position."

The spokesman offered no further comment.

Mr Dunne is seeking planning approval for a 37-storey apartment tower and seven associated buildings in Ballsbridge, where he acquired the Jurys, Towers and Berkeley Court hotels. Building costs are estimated at some €200 million.

Mr Dunne said last week he hoped to receive such approval by the end of February. While he expected the development to be appealed to An Bord Pleanála, he may appeal himself if he receives an unfavourable decision from Dublin City Council.

Padholme filed a statutory declaration in the Companies Office, dated November 8th, in which it said the Ulster facilities to DCD were amended and restated last July. "In consideration of the granting of this facility and as continuing security for the facility, Ulster Bank Ireland Ltd require the company to execute further security documentation being a guarantee in favour of Ulster Bank Ireland Ltd and a composite share charge in respect of the entire issued share capital of JDPHC owned by the company and the entire issued share capital of BCPHC issued to the company on or around 8th October 2007," the record said.