Dublin families facing homelessness after homes sold to vulture fund

NewsBy Sunday World
Cruise Park, Tyrrelstown (Pic: Google Maps)
Cruise Park, Tyrrelstown (Pic: Google Maps)

Families in 103 households in a Dublin estate face homelessness after receiving letters ordering them to leave their rented accommodation.

The move came after a deal in which Ulster Bank sold an €89million loan it had on its books to a Goldman Sachs vulture fund.

Around two weeks ago, tenants renting homes in the Cruise Park estate of Tyrrelstown began receiving letters informing them that they had to leave. They were given between two and six months to vacate their homes.

The letters were sent from Twinlite, a property company owned by developers Michael and Richard Larkin.

The Goldman Sachs fund, Beltany Property Finance, purchased the loan that was secured on the development of 103 homes and over 153,000 square feet of commercial property by the Larkins.

In December 2014, the developers, along with a company called European Property Fund (EPF), failed in an application for an injunction to stop Ulster Bank from selling the loan.

Residents of the estate last night told of their shock and anger after receiving the notice to leave their homes.

Grzegorz Szkutnik (34) and his wife Iwona have been living in their home for the last eight years. They have two children, Lena (2) and David (two weeks).

"Everybody is angry about this. I have taken advice and I am not leaving here," said Mr Szkutnik.

Mr Szkutnik said he is paying €1,450 a month in rent and can't find alternative accommodation in the area for less than €2,000.

Goldman Sachs declined to comment when contacted by the Irish Independent.

In a statement, Twinlite said it acts as an asset manager to a number of properties owned by EPF plc. "EPF plc decided in late 2014 to exit the residential rental business, and Twinlite, acting as asset manager, put a plan in place to achieve this exit.

"This involves achieving vacant possession on a number of residential properties, prior to selling them, in order to generate the maximum value.

"Achieving vacant possession is undertaken in a statutory manner and is governed by the residential tenancies act. Every element of the act and the regulations governing private residential tenancies was followed by Twinlite in this process and will continue to be."

Via Irish Independent