FINANCE: Irish developer Ballymore is back in the black for the first time since the downturn, reporting a £27m profit in the year ending 31 March 2014.
This compares with a £23m loss the previous year, and is partly the result of proceeds from a number of high-profile sales during the period. Gross sales proceeds for the year totalled £246m, and include the £105m sale of Old Spitalfields Market to US-based investor Ashkenazy Acquisitions in May 2013.
The Nama-controlled company cut its debts by 21% during the year, from £701m to £552m, meeting the target set for it by the bad bank.
Ballymore revealed plans in July for 10.4-acre mixed-used scheme at Bishopsgate Goodsyard, E1, to be developed in partnership with Hammerson. The developer’s 198-apartment West Hampstead Square development launched in June last year, and the apartments are now almost sold out, according to the company’s annual results.
sophia.furber@estatesgazette.com
