McE­vad­dys to re­new Dublin Air­port T3 push by pulling loans from Nama

Irish Independent - Business Week - - BUSINESSWEEK - Gretchen Frie­mann and John Mulligan

AVI­A­TION en­trepreneurs Ulick and Des McE­vaddy are aim­ing to exit Nama by the end of the year af­ter se­cur­ing money from a small US bank that spe­cialises in the aero­space sec­tor.

It is un­der­stood the loans se­cured on a site ad­ja­cent to the air­port were con­sid­ered by Nama for in­clu­sion in a sale by the bad bank in the ab­sence of an of­fer for the full value of the debt. But sources fa­mil­iar with the ne­go­ti­a­tions said the broth­ers would re­pay the loans in full by Christ­mas.

News of their im­pend­ing exit fol­lows rev­e­la­tions ear­lier this year that a Dubai-based or­gan­i­sa­tion had agreed to back the McE­vaddy’s multi-decade-long bat­tle to con­struct a ter­mi­nal on a 130-acre par­cel of land be­side Dublin Air­port, which they con­trol along with other stake­hold­ers.

Loans tied to the site ended up in Nama af­ter the crash.

If the Omega Air direc­tors suc­ceed in tak­ing the loans out of Nama, it will re­vive their lengthy and so-far un­suc­cess­ful at­tempt to gain ac­cess to taxi­ways and run­ways at Dublin Air­port for a new ter­mi­nal.

In the late 1990s Fin­gal County Coun­cil re­fused to green­light the pro­posed con­struc­tion of a pri­vate ter­mi­nal and the McE­vad­dys ap­pealed to the Euro­pean au­thor­i­ties. But in 2002 the EU Com­mis­sion ruled there had been no breach of com­pe­ti­tion law.

How­ever, it is un­der­stood the McE­vad­dys are now con­sid­er­ing an­other le­gal chal­lenge.

A re­port by this news­pa­per’s sister pub­li­ca­tion, the ‘Sun­day In­de­pen­dent’ re­vealed in March that Dubai-head­quar­tered Tr­i­cap In­vest­ments, a ma­jor in­vest­ment fund with a di­ver­si­fied in­vest­ment port­fo­lio that spans real es­tate, en­ergy and aero­space in the Mid­dle East, the US, Asia and Africa had agreed to back this lat­est tilt by the broth­ers.

It is not clear how that fi­nan­cial ar­range­ment is struc­tured nor whether Tr­i­cap had tied its cash in­jec­tion to the McE­vad­dys’ se­cur­ing fund­ing to re­pay Nama as well as plan­ning per­mis­sion for the site.

But doc­u­ments ob­tained by the ‘Sun­day In­de­pen­dent’ show the McE­vad­dys and Tr­i­cap In­vest­ments un­veiled their master­plan for T3 to Trans­port Min­is­ter Shane Ross in July last year.

Pa­trick O’Dono­van, Min­is­ter of State at the Depart­ment of Trans­port, and Jobs Min­is­ter Mary Mitchell O’Con­nor were also lob­bied. The push to re­vive the McE­vaddy’s air­port plan comes as con­struc­tion is due of a new runway at Dublin Air­port.

Ulick McE­vaddy

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