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NAMA seizes Crosbie's prime assets

The colourful property developer Harry Crosbie, who built the Grand Canal Theatre and the Point D...
Newstalk
Newstalk

15.10 19 Apr 2013


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NAMA seizes Crosbie's...

NAMA seizes Crosbie's prime assets

Newstalk
Newstalk

15.10 19 Apr 2013


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The colourful property developer Harry Crosbie, who built the Grand Canal Theatre and the Point Depot, has lost control of much of his empire.

Nama has appointed Grant Thornton as receivers in a bid to recover loans of hundreds of millions of euro.

The move is a surprise as the antique-collecting Crosbie had been co-operating with the agency for a number of years. However, like developers including Johnny Ronan, Richard Barrett, Sean Dunne and Ray Grehan, the agency's relationship with him has soured.

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Grant Thornton will now take control of the Daniel Liebskind-designed theatre, which is now called the Bord Gais Energy Theatre, the Gibson Hotel, and the Point Village retail and apartment complex.

The fate of the O2 is not clear. It is not part of the receivership but due to the complexity of Crosbie's debts and his company structure, a receiver may still be appointed.

It will now be up to Paul McCann and Stephen Tennant of Grant Thornton to find buyers for the theatre and the O2 should be prime asset and it's likely that Live Nation, the entertainment group that runs them, will be among the bidders for them.

Crosbie has been on the Irish entertainment scene for years. The 67-year old also owns the Vicar Street venue in Dublin and was involved in the Clarence Hotel alongside Bono at one stage.

It's not known if he intends to fight the appointment of receivers in the High Court.


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