Mulryan property business down €500m

THE VALUE of Seán Mulryan’s Irish property business fell by more than half a billion euro to €1.81 billion last year, according to the auditor’s report for Ballymore Properties.

The report for the year ended March 2010 states that the company’s principal assets comprise a “development property and tangible fixed-asset portfolio” with a “carrying value” of €1.81 billion. This compares to a carrying value of €2.39 billion in 2009.

The report notes “the uncertainty associated with assessment of the carrying value of property assets under current market conditions and the group’s ability to continue as a growing concern”.

As an unlimited company Ballymore Properties Limited is not required to file full accounts.

The directors of Ballymore, according to the annual report, are Seán Mulryan, Michael Smurfit, David Brophy and secretary Brian Fagan. The auditor’s report, which was signed off in December, states the company is in discussions with Nama.

It is believed that Mr Mulryan reached agreement with Nama on a business plan for his property portfolio in May.

Ballymore has been involved in the Whitewater Shopping Centre in Newbridge and the Hermitage Medical Centre in Lucan. Its residential developments included sites in Baldoyle, Greystones and Portmarnock. Mr Mulryan also has a significant presence in the UK. Ballymore Properties is Mr Mulryan’s main entity in Ireland.

Accounts filed earlier this year for Ballymore Properties Ireland Ltd, a subsidiary company, showed it made a loss for the year to the end of March 2010 of €51.1 million.

Mr Mulryan’s non-Irish assets are held by Markland. Among the assets that company owns are 47 Citibank branches in the New York area; a shopping centre in Surrey, England; and property holdings in the Czech Republic and Hungary.

The group had losses of €32.2 million in 2009 after it took impairment charges. Its loans were held by Bank of Ireland and Anglo Irish Bank.