Sean Mulryan’s Markland property group to be wound up

Markland Holdings, a pan-European property group owned by developer Sean Mulryan, will be wound up this year after it completes the disposal of its portfolio, which was valued at €256 million in its most recent accounts.

Markland, which once owned assets such as the Kotva department store in Prague, was established in the boom as a joint venture with the late builder Paddy Kelly of Kelland Homes, although Mr Mulryan later took full control.

Financial statements filed this week for 2015 show the Nama-backed company made a profit of €6.1 million that year following a €16 million writeback on the value of its impaired assets.

It generated rental income of €22.5 million during the year and finished 2015 with a €10.3 million deficit on its balance sheet, with properties worth €256 million and creditors of €273 million.

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Since the end of 2015, its directors say, Markland has completed the sale of a number of assets as part of its Nama wind-down.

The most recent sale was the €24 million sale of the Fumbally Square complex in Dublin, which was bought by European property investor M7 Real Estate.

Landmark scheme

The directors also detail in the accounts other Markland sales including a mixed-use scheme in Hungary in November; a retail centre in Wiesbaden, Germany in September; and “various Georgian buildings in Dublin” in 2016. This included properties on Leeson Street, Merrion Square and Fitzwilliam Lane.

Markland also sold the landmark Kotva scheme in June of last year, as well as an office building on Revolucni Street in Prague in July. Kotva, which was built in the 1970s, was the first department store built in Soviet-era Czechoslovakia and considered one of the most recognisable buildings in the city. It was sold by Mr Mulryan to a local property magnate for €80 million.

“The directors anticipate that following final property and investment disposals, an orderly wind-up of the company and its subsidiaries will commence during 2017,” say the Markland accounts, which were signed off by the directors including Mr Mulryan this month.

It is suggested in a note to the the financial statements that the cost of the break-up and wind-down will be about €2.9 million.

The Markland group incurred a €7 million tax charge as a result of its writebacks, according to the accounts, while its accumulated losses stood at €104 million.

The group employed about 42 staff, while the three directors shared payments in the year totalling about €150,000.