Balmoral Real Estate Values ​​Rise As Loan Dispute Continues

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Balmoral International Land, a real estate company, originated from the tropical fruit group. Fyffes In 2006, the value of its assets surged last year as the expected impact of Covid-19 on property values ​​did not materialize and the company reversed its 2019 Brexit-related valuation adjustment.

According to the company’s 2021 annual report, the group’s net assets rose by 13.7 million euros last year to 106.3 million euros. This included the reversal of a € 6.1m adjustment to the portfolio valuation previously made by management, as it was more conservative than third-party valuers on Brexit-related uncertainties.

The fair value of the main industrial and warehouse properties in the Republic and the UK increased by 11.5 million euros to almost 146 million euros before investments and fluctuations in foreign exchange rates, as a result of a sharp increase in demand for logistics and warehousing in both markets.

Balmoral – 58.7% of the shares are held by investment companies controlled by members of the McCann family, who were synonymous with Fyffes before the sale of the latter group in 2017 to a Japanese conglomerate. Sumitomo – warned in his 2019 annual report that he expects the value of his property to decline as a result of the pandemic.

Debt management

However, the company is still in litigation with Daily finance, a debt management and collection company, has provided over 60 million euros in loans. This is what remains of the original € 300 million. AIB in 2007 and were acquired by a consortium led by the Cerberus troubled debt fund in January 2020. Everyday Finance, the debt service division of the firm Link Financial The group and part of the consortium manage loans on a day-to-day basis.

Everyday Finance, in litigation initiated late last year, said Balmoral had defaulted on its obligation to repay its demand loans by the end of 2019. However, Balmoral said the alleged repayment obligation does not exist under the loan agreement.

Balmoral International Land Ltd. He fully defends this trial, and Balmoral is confident that the result will be confirmation of the absence of such obligations to pay and the subsequent occurrence of a default, ”says the annual report signed by the chairman. Karl McCann and CFO Catherine Ghosh on 17 August.

The gray-market group run by Davy earned € 9.4 million in gross rental and related income last year, of which 52 percent was in the Republic, 39 percent in the UK and 9 percent. – to continental Europe. …

Fyffes and former subsidiary, General productionwhich merged with Dole The food company that forms Dole plc accounts for over a third of the group’s rent.

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