Ealing Arcadia developer in receivership

ealing arcadiaThe Irish state assets body Nama has moved to seize control of properties belonging to Glenkerrin, who own the Arcadia shopping centre and surrounding development site.

The site had plans approved (pictured) for a major development by LB Ealing, but was called in and refused at inquiry by then communities minister John Denham. Now the Irish Times reports the National Asset Management Agency (NAMA) has appointed receivers to the Glenkerrin property development vehicle owned by brothers Ray and Danny Grehan.

The report suggests the company failed to meet some of the terms of a recovery plan which had been agreed with the agency last December. Glenkerrin owe some €650 million to the Irish State.

Nama appointed Grant Thornton to the Irish properties owned by the Glenkerrin group, and will ask the British courts to appoint an administrator to the London properties that the group owns.

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