Over recent months the Council extended the contract to May 15th, 2021 with Falcon Real Estate Development Ireland (Falcon) for the North Quays, to allow the developer (Falcon) time to put in place the necessary funding for the project, given the obvious constraints imposed by the Covid-19 pandemic.

It is our view that it is unlikely that Falcon will be in a position to satisfy the contract preconditions in respect of funding, albeit we are informed that funding proposals will be submitted later today or tomorrow. As previously advised at our Council meetings, the rescission date under contract is Saturday, May 15th.

In the circumstances we would propose not to comment further until Monday next.

ENDS