The National Asset Management Agency (NAMA) has taken control of the Point Village and the Bord Gais Energy Theatre in Dublin. Receivers have been appointed after it is reported debts were ran up of about 450 million euro.
It is expected the developments controlled by well-known businessman Harry Crosbie will be put on the market in the coming months.
The agency has also taken possession of a number of other assets controlled by Mr. Crosbie in the Docklands area. These include the Gibson Hotel as well as other properties.
It is understood that at this stage the O2 has not been included in the process but it may go into receivership.
Business Editor of The Sunday Business Post is Ian Kehoe. He says the news is unexpected.
"Well Harry Crosbie has aid for some time that he has a constructive working relationship with NAMA - obviously it turns out that isn't the case" he said.
"NAMA has clearly decided that it can't work with Harry Crosbie in relation to these assets; and the best way to get money back - there's about 450 million euro at stake - is to appoint receivers and seize control of the assets