Tuesday, May 3, 2011

Group behind Dundrum centre in talks on debts - The Irish Times - Sat, Apr 30, 2011

AUDITORS TO the property group behind one of the Republic’s biggest shopping malls, Dundrum Town Centre, warned that the company was relying on the State’s assets agency, Nama, and its bankers to continue as a going concern.

Documents recently made available by the Companies’ Registration Office show that in their report on its 2009 accounts, Castlethorn Construction’s auditors, accountancy firm, BDO, said that the company was in ongoing talks with its lenders, including Nama, regarding its debts.

Their report states that the “the group’s ability to continue as a going concern is dependent on the continued support of its lenders”.

Castlethorn, controlled by Joe O’Reilly, was the developer of Dundrum Town Centre in Dublin, which is one of the biggest shopping centres in the Republic, and one of the developers of Adamstown, the new town to the west of Dublin.

Its bank debts were amongst the first tranche to go into Nama. The agency does not normally comment on individual cases or companies.

It is likely that the group is working on the details of its business plan with the State agency. Its lenders included Anglo Irish Bank and AIB, two of the five institutions taking part in the Nama process.

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