A  court in London has ruled in favour of the National Asset Management Agency (Nama) in relation to its transfer of property loans from developer Patrick McKillen to a company controlled by the Barclay brothers.

The Belfast-born property developer had challenged the validity of Nama's transfer last year of debts, run up by a consortium he was part of, to billionaire private investors David and Frederick Barclays

The Court of Appeal had been asked to determine the validity of Nama's decision to transfer loans from Coroin, the holding company of the Maybourne Hotel Group, to Maybourne Finance Limited, which was controlled by the Barclay brothers, as part of an €800 million deal for loans attached to the five-star Claridges, Connaught and Berkeley Hotels in London.

Nama acquired the debts in June 2010, and made the transfer in September 2011.

Mr McKillen challenged the transfer, arguing that Nama was obliged to consult Coroin before selling the debt.

However, Judge David Neuberger in London said in his ruling that the transfer of the loans last year was proper.

In a statement, the agency welcomed the ruling. A spokeperson for the developer declined to comment.

The case is part of a wider legal action being heard in the High Court in England. Mr McKillen is claiming the Barclays conspired to seize control of the hotels and that Mr Quinlan’s 35 per cent stake should have been offered to him under a first-refusal clause in Coroin’s shareholders’ agreement.