Ballymore exits NAMA having paid back nearly €4 billion to creditors in just six years
Developer Seán Mulryan’s Ballymore left Ireland’s ‘bad bank’ NAMA last month on 21 December having repaid €3.2 billion in gross debt to the agency since 2010.
The Roscommon-born developer, who has several significant developments and projects in the UK told staff the group has also paid back RBS, KBC and other institutions bringing the total amount of debt paid off to around €4 billion In his note to employees, Ballymore founder Seán Mulryan said the property group exited Nama on 21 December and called it a “staggering achievement” and one that the company “should be very proud of ”.
In addition, Mr Mulryan said that Ballymore had paid back “significant borrowings” to RBS, KBC and other institutions, to bring its total group debt repayment to about €4 billion.
“We have also managed to retain one of the best development land banks in London, a significant land bank in Ireland, a significant property investment portfolio and have successfully grown our development management and construction management businesses in London, Birmingham and Dublin,” Mr Mulryan added.there is more