Friday June 5, 2020

Bank thwarted Barrett plan to refinance €762m loans

Deutsche Bank rejected as ‘unacceptable’ an offer by Cardinal Capital to refinace debts by property developer and hotelier Gerry Barrett

3rd September, 2017
Galway hotelier and property developer Gerry Barrett

Deutsche Bank rejected an offer by Irish investment house Cardinal Capital to refinance the debts of Galway hotelier and property developer Gerry Barrett, prior to its move to foreclose on vast portions of his business interests.

Cardinal, which has already refinanced other parts of Barrett’s business, offered between €70 million and €75 million to refinance loans connected to the Meyrick Hotel, the five-star G Hotel and Eye Cinema in Galway and other assets.

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