BANK OF Scotland (Ireland) has appointed a receiver to D2 Property Management Ltd, an investment vehicle owned by developer David Arnold and financier Deirdre Foley.
Michael McAteer of Grant Thornton was appointed on Monday by the bank, which is part of the UK-based Lloyds Banking Group.
Latest accounts filed for the company, which were for 2008, show it had a £10.1 million loan with Bank of Scotland Ireland – which has since been merged with Lloyds – that was due to be repaid on December 26th, 2010. The accounts also show other bank loans of €11.8 million, believed to be owed to Anglo Irish Bank.
D2 Property Management’s main investments were in Victoria SA, an entity involved in the £175 million purchase of 1-19 Victoria Street in London, and the Scott Portfolio Unit Trust, which itself was placed into receivership this week with Grant Thornton.
The Scott trust owns 15 properties leased as bank branches to Halifax, which is owned by Bank of Scotland.
D2 Property Management made a loss of €1.3 million in 2008 and the accounts stated that its status as a going concern was “dependent on the availability of ongoing financial support from the company’s bankers”.
This company is a wholly-owned subsidiary of D2 Private Ltd, which is not affected by the receivership.
Mr Arnold could not be reached for comment yesterday.
D2 Private was set up by Mr Arnold and Ms Foley in 2005. Its website states that it has a portfolio of projects in Ireland and the UK valued at £1.4 billion.
These include office developments in Saville Row and St James’s Square in London; and Number One, Central Park in Leopardstown, and Warrington Place in central Dublin.
