Goldman Sachs Irish real estate funds have not paid taxes on income of 390 million euros

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Three so-called “vulture funds” affiliated with Goldman Sachs raised € 390 million from their Irish distressed property loan portfolios in 2019, but did not incur corporate tax revenues.

Beltany Property Finance, Ennis Property Finance and Liffey Acquisitions, which own Kenmare Property Finance, own loans totaling € 507.6 million at the end of the year, according to reports filed in recent days for the three funds. The total, or gross, value of these loans was reported at over 766 million euros.

Three funds have bought up portfolios of Irish real estate loans in the wake of the latest financial crash from banks like Lloyds’ Bank of Scotland (Ireland), and more recently the Belgian bank KBC.

Beltany, the largest of the three foundations, owned loans for properties such as the former Fairview, Dublin, home of the 1916 revolutionary leader. Thomas Clarke and his wife, Kathleen Clarke, leader of Cumann na mBan. He subsequently sold the real estate loan to Pepper Property Finance. She also owned secured loans from the Aut Even private hospital in Kilkenny.

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