| 08 May 2012 |
|
Abbeycentre Owners Report £49m Loss For 2011 |
|
The owners of the Abbeycentre have reported losses of £49m for 2011.
Abbey Centre Ltd, who also own a number of other shopping centre’s, would have delivered a profit of about £3m but had to write down the value of its properties by more than £50m.
The directors said given the "difficult market conditions", the performance had been satisfactory and they expected to continue trading profitably.
Almost all major property firms in Ireland have had to write down the value of their assets to recognise the impact of the property crash.
A further revaluation exercise by Abbey Centre Ltd means that its total recognised losses for the year were over £78m.
Their £267m of loans from Ulster Bank are now repayable on demand, but the directors said they did not believe the bank would take this step.
Interest payments on the loans are being met.
The directors added that banking facilities had been extended to August 2013.
(H)
|
|
|
| Top 10 Northern Ireland News Stories |
| 18 June 2013 |
| Attwood Apologises Over IRA Victims Memorial Letter |
|
| 18 June 2013 |
| Pipe Bomb Discovered In Strabane |
|
| 18 June 2013 |
| 350 Charged In Operation Dulcet |
|
| 18 June 2013 |
| MLAs Welcome Obama Speech |
|
| 18 June 2013 |
| Willie Frazer Arrested For Bail Breach |
|
| 18 June 2013 |
| £9m For Public Health Research |
|
| 18 June 2013 |
| Belfast Students Graduate From Business Programme |
|
| 18 June 2013 |
| Number Of Free School Meals Increases |
|
| 18 June 2013 |
| Ministers Meet Over Rural Schools Concerns |
|
| 17 June 2013 |
| Newry Firm Creates 400 Jobs |
|
|
| Submit a news item |
| News Archive |
