IBRC liquidators have paused the sale of two key assets in Kyiv once owned by businessman Seán Quinn
With war raging in Ukraine, the IBRC liquidators have had to pause plans to sell two key commercial property assets in Kyiv once owned by businessman Seán QuinnThe Ukraina shopping mall in central Kyiv, formerly part of businessman Seán Quinn's international property portfolio. It is now controlled by State-owned IBRC. Photograph: Daniel McLaughlin
“Even when missile strikes and drone attacks resumed in early October 2022, the overall trend towards normalisation in the city continued. After a tough 2022, occupancy rates and rental incomes began to recover in 2023, though they haven’t yet reached pre-war levels.” Nama itself will be dissolved by the end of 2025, with the remaining activities of both crisis-era agencies set to be put into a new resolution unit within the
“Business centres, including Leonardo, have managed to keep going during blackouts... and there is access to shelters, so safety is being managed as far as possible.” When it opened in 1968, however, it was one of Ukraine’s first malls and promised locals and visitors to Kyiv a Soviet take on modern western-style shopping.
Anglo Irish Bank seized the Quinn Group in April 2011 because it was owed a debt of €2.9 billion, and Quinn was declared bankrupt the following January. The loans were granted at the height of the financial crisis to prop up a leverage stake the Quinns held in the bank – through financial instruments called contracts for difference – before the bank failed.
“We were engaged to basically counteract a raider attack initiated by local management. We engaged quite massive resources, and at the end of the day we were successful. The case was quite well known in Ukraine because it demonstrated that even in the Yanukovich days – which were unfortunate days for Ukraine generally – it was possible to counterattack in the legal field,” he adds.
The IBRC was put into liquidation in February 2013, as the then government went about a complicated and high-stakes restructuring of most of the €34.5 billion crisis-era bailout of Anglo Irish Bank and fellow failed lender Irish Nationwide Building Society, which paved the way for the State to exit its own troika international bailout programme later that year.
There is an outside possibility that the Russian assets – comprised of a 20-storey Moscow office block, known as Kutuzoff Tower, and a big logistics centre in Kazan called Q Park, almost 800km east of the Russian capital – could be sold before Nama is wound down by the end of next year. The liquidators are also the process of selling remaining former assets Anglo Irish Bank once directly owned in Boston, which was the hub of its US operations. These range from social and affordable apartments in the city to six high-end units attached to the local Mandarin Oriental Hotel that the bank also once owned.
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