Northern Ireland

Belfast office block goes to Nama

Windsor House office block
Image caption Lauderdale Properties bought the Bedford Street office block in 2007

The Irish government's National Asset Management Agency (Nama) has taken control of Belfast's tallest office block.

Windsor House was owned by Lauderdale Properties, but the firm was placed into administration last week.

The block was bought using a Bank of Ireland loan which was subsequently transferred to Nama.

Nama appointed the administrator as part of a wider action against the developers which controlled Lauderdale.

Lauderdale was a joint venture between Dublin developer Ray Grehan and Cavan based P Elliott Construction group.

Mr Grehan and P Elliott are among the casualties of the Irish property crash.

Mr Grehan was declared bankrupt in London in December 2011.

He was being pursued over a 300m euros debt owed to Nama

P Elliott was placed into receivership in May 2011 with debts of about 500m euros.

Its share of Windsor House was held by a company called Dorwins Investments.

Its last filed accounts, for the year ending December 2008, showed assets of £16m and liabilities of about £17.5m.

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