Ireland’s largest developer, Sean Mulryan, has made an agreement with NAMA of five year disposal programme over his non-Irish assets. These assets are held in a company called Markland.
The company has debts of €400m and €394m which are now transferred to NAMA.
The assets of the company 47 Citibank branches in the New York area are owned by the company. It has a shopping centre in Surrey, England, and extensive property holdings in the Czech Republic and Hungary.
In the year 2009 after the decline charges the company had faced huge loss of €32.2m. Moreover it is expected that the firm to face more losses as its planning to restore its largest property asset.
Anglo Irish Bank and Bank of Ireland have been backing the loans for its development programs.
The company has given a business plan. In the plan it has stated that the directors are confident that NAMA will continue to support the group in coming years.
Moreover it is expected that by this programme there will be the debt reduction of the company.