08/05/2012
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)
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)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.