O’Malley Homes in €100m Cerberus exit

PROPERTY business O’Malley Homes and Development has ended its relationship with US investment fund Cerberus after a €100m refinancing deal.

The company — one of Ireland’s major developers — has had its loans refinanced by Bank of Ireland and the WLR Cardinal Mezzanine Fund, the Sunday Independent understands.

O’Malley Homes did not respond to a request for comment for this story.

Bank of Ireland and the WLR Cardinal Mezzanine Fund declined to comment.

The WLR fund is a joint venture between the Cardinal Capital Group and US Commerce Secretary Wilbur Ross’s WL Ross and Co.

The Ballsbridge-based O’Malley group of companies recently agreed to the sale of a prime site on Dublin’s exclusive Shrewsbury Road to newly-listed developers Glenveagh Properties.

The site, which is the former home of the Chester Beatty library, was described as “conditionally acquired” by Glenveagh in its IPO prospectus at a cost of approximately €11m. It is located next door to Ouragh, the house formerly occupied by developer Sean Dunne and recently purchased by aviation executive Domhnal Slattery.

O’Malley had previously received planning permission to build seven units on the site and the Glenveagh prospectus envisages that there is the potential to build the same number, with possible revenue of €31m.

The O’Malley group’s most recently published accounts, covering the year to the end of 2015, said the group was dependent on “the continued support of the shareholders... the group bankers and the National Asset Management Agency.

“The Group’s loans have transferred to the National Asset Management Agency and the directors are working with the agency to secure the long-term viability of the companies.”

Later, the company’s loans were sold off by Nama to Cerberus.