The property developer Aidan Harrison, owner of the 100-acre Blanchardstown corporate park in Dublin, has exited Nama by refinancing his group’s €76m debts with Hayfin Capital Management.
Hayfin, a London-based company founded in 2009 as an alternative lender to mid-market companies, declined to comment. Harrison’s main company, Stempel Holdings, said it “secured alternative financing which allows the company to exit the arrangement with Nama”.
Stempel had turnover of €16.3m in 2014 but made a €1.9m loss after writing €3m off the value of development land and taking a €1.1m impairment on investments. The company said it was meeting all its obligations to Nama and achieving the objectives in a business plan with the state agency.
The Blanchardstown corporate park has about 150 tenants, including a large number of technology companies. Harrison’s group, in business since the early 1990s, also developed a business park in Edenderry, Co Offaly, and has an 80% stake in Servecentric, a data centre operator.
It also has property interests in the UK, New Zealand and Croatia. Stempel said it would continue to dispose of non-core assets to reduce its debts.
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Hayfin previously funded the Irish investment group FL Partners in buying the €180m debts of the Racing Post from the special liquidators to IBRC in 2014.