Northern Ireland

Nama takes over land in Meath owned by NI property group

Nama HQ

Land in County Meath which had been owned by a County Down-based property group has been placed into receivership.

The receivers were appointed by the Irish government's National Asset Management Agency (Nama).

They have taken control of development land in Duleek and Donore which was owned by Soll Holdings (ROI).

The company is part of a group with a registered office at Mill Road in Ballygowan.

Soll Holdings (ROI) owes its banks more than 40m euros (£34.2m) but the value of its land bank has collapsed to under 1m euros (£855,000).

Its last set of accounts, for the year ending March 2011, state that it had borrowings with Ulster Bank and Danske Bank as well as Nama.

In 2007 the company applied for planning permission to build almost 140 homes, along with shops and offices, at Cruicerath in Donore.

The firm also owes 3.5m euros (£2.9m) to a sister company, Soll Developments, which operates in Northern Ireland.

Soll Developments and other group companies are unaffected by the receivership.

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