Listed real estate investment trust Hibernia Reit has appointed a receiver to the Adelphi Centre in Dún Laoghaire in advance of the property's sale.
Hibernia acquired the building when it bought a number of property loans from Ulster Bank to developer Gerry Haughey's Dorville group, which was also behind the Wyckham Point apartment blocks in Dundrum, Dublin.
According to documents just filed with the Companies' Office, Hibernia appointed Frank Nowlan of WK Nowlan as receiver over the Adelphi Centre on foot of the original debt that Dorville Homes owed to Ulster Bank. However, Hibernia said yesterday that it appointed Mr Nowlan as receiver over the common areas of the building – the stairs and corridors – "to ensure the orderly transfer of these areas" to a management company once the building is sold.
The company added that this is in line with best practice and that his appointment followed the discharge of receivers over Dorville Homes’s other assets.
WK Nowlan oversaw the completion of Wyckham Point and is managing other Dorville properties on the Reit’s behalf in a deal agreed by the two companies.
The receivership is part of that agreement. Hibernia said an independent project manager and insolvency expert reviewed WK Nowlan’s proposal to provide these services in order to satisfy the board that its charges were in line with market rates.
