GALWAY PROPERTY DEVELOPER AGREES DEAL WITH NAMA

Date Published: 15-May-2011

A Galway property developer has agreed on a memo of understanding with Nama in relation to an upmarket castle in Wicklow.

John Lally, the founder of Lalco, bought Humewood Castle at the peak of the boom and planned a €250 million development of the house and estate before the building collapse.

The Sunday Times is reporting that Lalco subsidiary Sova Properties, says Lalco and Nama are working to deliver on a business plan.

However no formal commitment of financing has been received yet.

Humewood Castle was a trophy project of the Galway developer and played host to film stars Keira Knightley and the Spice Girls.

Sova owed Anglo Irish Bank €114 million before the transfer of loans to Nama.