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Thread: Brian Cowen in legal tangle over investment property

  1. #1
    Politics.ie Member mmrebel's Avatar
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    Default Brian Cowen in legal tangle over investment property

    Brian Cowen, the Irish prime minister, is facing legal action in the English courts over his ownership of a buy-to-let flat which his landlords say he is illegally sub-letting to Leeds University.

    Mr Cowen is part of a group of Irish investors who invested in a block of “student cluster apartments” designed and built as a hall of residence in the city.

    The Newcastle-based freeholder is seeking payment of ground rents and management fees from the Irish group believed to be more than £100,000.

    The disclosure of the legal tangle over his British investment property will be highly embarrassing to the Taoiseach as he struggles to navigate the Irish economy and national banks through the worst financial crisis in decades.
    The purchase of the student apartment block, which cost around £12.5 million, was financed through mortgages taken out by the investors with Allied Irish Bank, whose share value plunged 98 per cent in the last year because of bad property loans.

    read more Brian Cowen in legal tangle over his British investment property - Times Online


    Would be very interested to know who the other investors were who got a big fat loan of 12.5 million from AIB.

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    Politics.ie Newbie Tressell's Avatar
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    Thanks for that.

    The Green Party Don't Accept Corporate Donations.

    THEY GIVE THEM

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    Politics.ie Member mmrebel's Avatar
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    Quote Originally Posted by Tressell View Post
    Thanks for that.
    What is it FF Offaly people in trouble with property deals

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    Politics.ie Member ballot stuffer's Avatar
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    What a mess. There seem to be some serious oversights by these investors in their properties.
    Someone didn't do their homework on this purchase it seems.
    Sow the wind, reap the whirlwind.

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    Politics.ie Member KingKane's Avatar
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    12.5 million for a "cluster of apartments" isn't exactly a huge price per unit if there were say 100 units. How many units are involved?
    Last edited by KingKane; 14th April 2009 at 11:30 PM.
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    Politics.ie Member mmrebel's Avatar
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    Quote Originally Posted by ballot stuffer View Post
    What a mess. There seem to be some serious oversights by these investors in their properties.
    Someone didn't do their homework on this purchase it seems.
    Would that not be the job of the solicitor ?or when a bank gives out loans of that size there is meant to be whats known as a risk assessment or due diligence report, obviously not done.

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    Politics.ie Member mmrebel's Avatar
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    Quote Originally Posted by KingKane View Post
    12.5 million for a "cluster of apartments" isn't exactly a huge price for unit. How many units?
    it dont actually say but what t does say is

    According to a student interviewed at Carr Mills annual rents of around £4,000 are charged by the university. Mr Cowen’s apartment can accommodate seven students in individual bedrooms sharing a kitchen and dining area, suggesting an annual return of up to £28,000.

    The Carr Mills apartments were all bought off-plan in 2005. All but two of the investors took out mortgages with the same branch of Allied Irish Bank in Ballsbridge, Dublin. They all completed on the same day.

    Fourteen of the investors, including Mr Cowen and his wife Mary, recorded their addresses in the Land Registry as 60 Merrion Square, Dublin.

    The total value of the apartments in 2005, based on purchase prices filed with the Land Registry, was around £12.5 million.
    While the market value of the apartments is likely to be about half their 2005 sale prices the current value is hard to determine because of the nature of the property.
    Its a fair wacked of cash that has been losted 6 million down the drain and most of it mortaged

  8. #8
    caveman
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    Default danger here

    Will Cowen have to "do a Bertie" to get the cash to cover this?

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    It is the loan of 12.5 million from AIB To Cowen and his buddies That I find interesting as Eugene Sheedy is the only CEO still in his position--Why is that I wonder? Maybe now it is begining to make sense. The other thing that the address used by these people including Cowen " Not known at this address" surprising I would have thought.

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    Politics.ie Member Digout's Avatar
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    Nice to see Cowen supporting home grown business by putting his money into local property....lol.

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