Wednesday, 11 July 2012

NAMA firm in €75m retail park deal


Financing is in place for a €75m property development in Carrickmines, south Dublin, that could generate 945 building jobs -- and almost as many again once complete, according to the NAMA-linked company behind the plans.
Directors of construction company Tristor say funds are in place to begin construction immediately if Dun Laoghaire-Rathdown Council approves a planning application for the Carrickmines District Centre development on Monday.
It makes Tristor the second developer with loans in NAMA to kick off a Dublin retail project in recent weeks.
In May, NAMA said it would fund a €13m extension of the Charlestown Shopping Centre in north Dublin, which is being developed by the Bailey brothers.
A spokesman for Tristor, which is part of developer Michael Cotter's Park Developments Group, said the company was confident their 25,000sq ft scheme would be approved.
The loans of both Park Developments and Tristor are in NAMA, according to accounts filed for the companies.
Tristor has debts of €52m to the state-controlled bad bank, according to accounts filed with the Companies Office.
The debt fell due in 2009 but has been rolled over, with the permission of the lender, according to the accounts.
Last night, a spokesman for Tristor said funding for the €75m Carrickmines project is in place through a mix of bank debt and equity.
The mixed retail and leisure development has been stuck in the planning stage since 2008.
Permission
The development has already been granted planning permission twice, but construction was controversially blocked by then Environment minister John Gormley in 2010.
The minister wanted to limit the development to a smaller "neighbourhood" retail park.
Tristor sought a "judicial review" of the minister's decision at the High Court, which ruled that the minister overstepped his powers in blocking the scheme.
With the former Green TD no longer in power, Dun Laoghaire-Rathdown Council is now expected to give the okay to the scheme once more.
A spokesman for Tristor said last night that the company was ready to begin construction immediately, if the scheme was approved.
A report commissioned by the developer said the new centre could create 945 jobs during construction, with 900 more once the centre is operational.
It will generate €80m a year for the economy, when it comes into operation, the report said.
- Donal O'Donovan

Read the article @ The Irish Independent