Ireland's FBD insurance sells real estate assets, including hotels

At an extraordinary general meeting held at the Irish Farm Centre yesterday, Irish insurance company FBD Holdings chief executive Fiona Muldoon said that the financial regulator was 'getting nervous' about its recent losses before it entered into a €70 million agreement to sell a bond to Canadian financial holdings company Fairfax and sell its real estate assets.

Shareholders in FBD Holdings yesterday agreed to the sale of its 50 percent stake in Property and Leisure to Farmer Business Developments for €48.5 million.

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An 89 percent majority of shareholders agreed to the sale of its hotel and leisure business, which consists of two Spanish properties, La Cala Resort and Sunset Beach Club, as well as three Irish hotels, The Tower Hotel, Faithlegg House Hotel and Golf Course both in Waterford, and Castleknock Hotel in Dublin.

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