Irish developer’s firms paid back €3.2 bn to Nama
Companies connected with Ballymore, one of Ireland’s biggest building groups based in Dublin, made multimillion profits last year after repaying loans owed to Nama, (National Asset Management Agency), Ireland’s so-called ‘bad bank’.
Four Irish Ballymore subsidiaries reported profits in the twelve months to the end of March, reversing a trend of large losses. Accounts filed for Ballymore’s UK property division show that it made a pre-tax profit of £518 million in the year to the end of March 2017.
Ballymore founder Sean Mulryan was one of the Ireland’s best-known developers during the Celtic Tiger years.
When Ireland’s property market crashed and the global banking system went into crisis many of its loans were transferred to Nama.
The company has since repaid its loans to the state bad bank and has several big projects both here in the UK and in Ireland. Ballymore Land recorded a profit of €55 million during the year, Ballymore Property Investments reported a profit of €33.4 million while Ballymore Residential and Ballymore Properties both made profits of €17 million. Ballymore has now paid back to Nama as much as €3.2 billion.
Ownership of the Ballymore companies has transferred from Ballymore Properties to Benhol Ltd, a UK holding company controlled by Mr Mulryan.
Ballymore UK projects include Royal Wharf and London City Island in east London. It once owned the site if the new US embassy near Battersea.