The Abu Dhabi Investment Authority is preparing to bid for Nama's €1.7 billion Project Jewel portfolio of loans, which includes debt secured on the Dundrum Town Centre, reports the Sunday Times.
The authority, which last week backed Dundrum developer Joe O’Reilly in the proposed purchase of the former Jurys Ballsbridge site, is expected to be a lead contender for the loan portfolio.
O’Reilly’s Chartered Land is a Nama debtor and thus barred from bidding for Project Jewel, but it may remain as the asset manager on the retail centres covered by the portfolio.
Meanwhile, a construction firm linked to O'Reilly is joining up with Oaktree Capital Management to build homes on Gracepark Road, Dublin 9, according to the Sunday Independent.
Doyle debts written off
Neil Monahan, a member of the Doyle hotel clan, has benefited from a decision by Ulster Bank Ireland to write off 82 per cent of his debts when selling his borrowings to his parents, reports the Sunday Times.
Sandlake Properties, controlled by Eileen and Raymond Monahan, bought €1.43 million of loans connected to Neil Monahan for just €250,000.
Eileen Monahan is a daughter of the late PV Doyle, and a shareholder in the Doyle Hotel Group.
Dunnes UK expansion
Dunnes Stores is planning a big expansion into the UK, where it is seeking up to 40 new stores, according to the Sunday Times. The chain currently has 34 shops in the UK, 23 of which are in Northern Ireland.
Specialist juries ‘elitist’
A barrister advising Lucinda Creighton's Renua party has described their policy on white collar crime as elitist, suggesting it implies "normal people are too stupid to understand complicated crimes", reports the Sunday Independent.
In a document, barrister James Geoghegan described a proposal to consider specialist juries for complex legal cases as an "elitist form of justice" which contradicted Renua's "taking on the insiders" narrative.
