O’mal­ley Homes in €100m Cer­berus exit

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Gavin Mcloughlin

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.

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