The BBC is reporting the property company developing Titanic Quarter in Belfast lost £20m. The loss is attributed to a one-off payment of £13m to the charitable trust that owns the Titanic Belfast visitor attraction. Administrative fees also rose to £19 million from £7 million. A write-down in investment properties makes the total loss after taxes £22 million.
In a word, ouch.
Needless to say, they are trying to restructure and negotiating with Ulster Bank over £75m in loans.
Source: BBC, Titanic Quarter Property Company In £20m Loss, 5 Nov 2012