A company owned by property developer Bernard McNamara has begun legal proceedings in the Commercial Court against the Dublin Docklands Development Authority over the terms of a property deal in November 2006 to purchase the former Irish Glass Bottle site in Ringsend in Dublin.
The background to these legal proceedings is one of the biggest property deals done at the height of Ireland's property boom.
In November 2006, a consortium including property developer Bernard McNamara - partly funded by private clients of stockbroker Davy - developer Derek Quinlan and the DDDA paid €412m for the 25-acre former Irish Glass Bottle site in Ringsend in Dublin. The site is now reportedly valued at around €60m.
Donatex, a company owned by Bernard McNamara, began proceedings today in the Commercial Court. The company is alleging that the DDDA did not meet its commitments in relation to planning permission on the site. A spokesman for the DDDA said it would contest this vigorously.
In separate proceedings, the private clients of Davy involved in the deal intend to sue Mr McNamara on foot of personal guarantees given by him in the same deal.
