NAMA appoints receiver to Grehan assets

The developers’ corporate and personal debts to NAMA – including assets like the former site of the UCD Veterinary College in Ballsbridge – are believed to run into hundreds of millions of euro

RECEIVERS HAVE BEEN appointed by the National Asset Management Agency to the company and personal assets of developers Ray and Danny Grehan.

The Grehan’s major assets include the former site of the UCD Veterinary College in Ballsbridge – which Ray Gerhan bought for a record-breaking €17.5 million in 2005 – as well as the Grange apartment complex in Stillorgan, and the Glenroyal Hotel in Maynooth.

RTÉ reports that receivers Michael McAteer and Paul McCann of accounting firm Grant Thornton will oversee the debts.

It is believe that NAMA has made a separate application to appoint Grant Thornton to oversee the pair’s British assets – which include a Shoreditch hotel and an apartment complex in London’s Docklands. The developers’ debts to the agency are thought to run into hundreds of millions of euro, the Irish Examiner reports.

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