Outlet, Banbridge, centre owner in 拢4m loss

Image caption, The centre's value fell by about 拢5m

The Ulster Bank company which owns The Outlet centre in Banbridge made a loss of 拢4m in 2011.

The loss arose because the value of the centre fell by a further 拢5m; it is now valued at just over 拢21m.

West Register (Northern Ireland) Property took control of the centre from the Orana Group in March 2011.

Ulster Bank and its parent RBS have a group of companies under the West Register umbrella which hold properties the bank hopes will recover some value.

The Outlet is the sole asset of West Register (Northern Ireland) Property.

The accounts show that it earned 拢1.85m in rents with other operating income of 拢471,000.

Its operating costs were 拢1.36m, giving an operating profit before revaluation losses of about 拢960,000.

Two other Northern Ireland-registered West Register firms have also published annual accounts.

WR (NI) Property Investments showed an annual profit of 拢145,000.

A note in the accounts states that it bought four property portfolios in the UK during 2011.

During 2012, it has added a further three properties: a hotel in York for which it paid 拢9.2m; an office building at Airport Road West in Belfast for which it paid 拢1.3m and what is referred to as the 'Taylor Portfolio' for which it paid 拢2.24m.

The firm has total property assets of more than 拢18m.

The other firm WR (NI) Property Realisations did not trade during 2011 but a note in the accounts states that the directors "anticipate that there will be change in the level of activities of the company in the foreseeable future".