Nama has pulled the sale of the Duke Portfolio of 60 acres of development land and 66 residential properties, including the Portmarnock Raceway, more than six months after bringing the assets to the market.
Between them, the sites had full permission for 407 apartments and 51 houses. The investment properties had a rent roll of more than €700,000. The portfolio was spread across a total of 10 sites.
Nama has now moved to appoint receivers RSM to several of the properties, including the north Dublin raceway, home of Irish harness racing. The development properties were previously owned by Barina Properties, a development company headed by Adrian and Michael Langan.
Cushman & Wakefield was appointed to sell the portfolio last autumn. Guided to sell at €35.5m, the portfolio is believed to have attracted a bid of more than €30m.
Brendan McDonagh, the Nama chief executive, last week accused purchasers of development land from the agency of hoarding sites.
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The receiverships are likely to further delay the development of the Barina Properties sites.