Northern Ireland

Housebuilding firm Woodbury Construction had £13m debts

A housebuilding firm put into administration by the investment firm Cerberus had debts of more than £13m and assets of less than £2m.

The details are in a statement of affairs filed by Irvinestown-based Woodbury Construction's directors.

Woodbury Construction's assets are listed as land and property in Omagh, Dunmurry, Belfast and Irvinestown.

Cerberus took control of its loans as part of a £1bn deal to buy Nama's NI loan portfolio in 2014.

The statement of affairs indicates that Cerberus is managing the Northern Ireland loans through a firm called Promontoria Eagle.

Promontoria Eagle is a Dublin-registered firm whose directors include two senior Cerberus executives.

The firm has five mortgages registered on it by the Japanese bank Nomura.

It has previously been reported that Nomura provided the bulk of the finance to Cerberus for the Nama deal.

One of the mortgages lists the loans related to Scottish properties.

They are shop units on Argyle Street in Glasgow, the Savoy Centre in Glasgow and the Gyle Shopping Centre in Edinburgh.

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