It is reported that the value of Ballymore Properties Ltd, Seán Mulryan’s Irish property business, fell by more than half a billion euro in its last trading year.

Accounts recently filed show that the carrying value of its development property and fixed asset portfolio fell from €2.39 billion in the year ended March 2009 to €1.81 billion in the year ended March 2010. The company is reported to have recently reached agreement with NAMA on a business plan. Its portfolio includes the Whitewater Shopping Centre in Newbridge, the Hermitage Medical Centre in Lucan and residential developments in Balydoyle, Greystones and Portmarnock.

Ballymore Properties Ireland Ltd, a subsidiary company, incurred losses of €51.1 million in the same trading year. Ballymore Ltd, a UK investment holding company, incurred a loss of £122 million, compared to a profit of £1 million in its previous trading year. The value of its assets almost halved from £184.4 million to £94.6 million.