19 April 2014

Nama takes control of Grand Canal Theatre, Point Village

09:40, Ian Kehoe, Business Editor

The National Asset Management Agency (Nama) has taken control of the Grand Canal Theatre and the Point Village, it can be revealed.

The agency has appointed receivers to a number of companies controlled by the businessman and developer Harry Crosbie.

The appointment is one of the most high-profile foreclosures to date by the agency.

The O2 theatre is outside the process and is not subject to any receivership.

**For a background story originally published in December 2012 about the finances of the Point Village, see [here](http://www.businesspost.ie/#!story/Home/News/The+Point%3A+Harry's+rock+n'roll+Village/id/19410615-5218-5171-0ebc-1e46b4726533)**.

Steve Tennant and Paul McCann, two partners with Grant Thornton accountants, have been installed as receivers over the assets.

In addition to the theatre and Point Village complex, the agency has also taken possession of a number of other assets controlled by Crosbie in the docklands area.

Crosbie owes the agency in the region of €450 million, and the Nama moved on foot of security over the debt pile. The agency has been in talks with the developer for some time.

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