Northern Ireland

Two Belfast property firms put into administration

Two related Belfast property firms have been put into administration by Cerberus, the US fund.

They are Fernhill Properties NI Ltd and AD Enterprises (NI) Ltd.

Fernhill Properties developed the College Court Central apartment complex in Belfast city centre.

The firm has pursued a number of legal actions to get apartment buyers to complete deals agreed before the property crash.

AD Enterprises owned the Lyndon Court complex on Queen Street in Belfast city centre.

The company has planning permission to demolish Lyndon Court and build a seven storey office and retail development.

Both companies were controlled by property investor Gareth Graham.

The firms' loan were moved to Cerberus when it bought the entire Northern Ireland loan book of Nama last year.

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