Real Estate Opportunities is seeking a judicial review after being informed today that Nama intends to appoint receivers to the firm after a failure to repay €568m (£475m) of debt.
The listed company, set up by Irish investor and developer Treasury Holdings, had until 4pm today to repay debt owed by a number of subsidiaries under a standstill agreement agreed with Nama in January.
The group, which last month lost control of Battersea Power Station, said: “After the standstill agreement and the loan repayment demands expired at 4.00pm today. Nama informed the subsidiaries that it intends to appoint receivers.”
A hearing into the seeking of the judicial review will take place at 11am on 26 January.
Ernst & Young and PWC are understood to be the receivers lined up by Nama.
Treasury subsidiaries against which the demands were made are Wintertide Limited, Radtip Properties Limited, Tenderbrook Limited, Sencode Limited, Lornabay Limited, Twynholm Limited, Rigol Limited, Ballymun Shopping Centre Limited, Coolred Limited and Montevetro II Limited.
The assets owned by the subsidiaries are unclear.
Last month, E&Y was appointed by Lloyds Banking Group and Nama as administrator to the Batterseas Power Station in south London after Treasury subsidiaries were unable to repay their debt on the site.
Detailed talks between Nama and Australian investment bank Macquarie and Hines over the remainder of Treasury’s loans have been ongoing for some time.
