Major Kennedy Group assets repossessed by NAMA: report

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THE National Asset Management Agency (Nama) has repossessed a number of properties belonging to the Coleraine-based Kennedy Group.

Earlier this month the Irish Republic’s ‘bad bank’ took control of the group’s Ramada Hotel in Portrush.

At the time Nama has appointed receivers to the Kennedys’ other property assets in relation to a £48m de According to a report by the BBC, these include a business park, 30 acres of land, development sites and offices. Seven properties held by Kennedy Holdings Coleraine are in receivership.

They are: 30 acres of land at Ardvarness townland, three units at Coleraine Business Centre on the Ballycastle Road and three units at the Sandel Village Centre where the groups has its headquarters.

The most valuable property is a business park and other land on the Ballymena Road in Antrim, near the Junction One centre.

These assets were held by ACI Developments. Two development sites in Coleraine are also in receivership - they were held by Kennedy Investments and Kennedy Group Properties.

The Kennedy Investments property is two adjoining houses on the Portstewart Road. The site has planning permission to build apartments.

The Kennedy Group Properties asset is a large house on the up-market Mountsandel Road. A new apartment block on the site was refused planning permission last year.

When the company which operates the Ramada Hotel, North Coast Hotels, was placed into administration two related companies also entered administration.

They are Culzean Properties (No 3) and its parent Culzean Holdings.

Accounts show that Culzean Holdings owes £11m - which is at least £4m than its assets are worth.

Other Kennedy Group companies, which are funded by Ulster Bank, are still solvent.