A consortium that includes Paddy McKillen, the developer challenging Nama in court, may receive less than they paid for the Fosse Park retail centre in Leicester, which is currently on the market. Property Week reported last week that the centre, acquired by McKillen and three others for £360m, is likely to sell for £320m.

McKillen, whose loans are not impaired, is resisting the purchase of his loans by Nama stating it is not entitled to do so. Fifteen companies linked to McKillen lodged the action, claiming transfer would have a "drastic and significantly detrimental" impact on business. McKillen recruited Nobel Prize-winning economist Joseph Stiglitz as an expert witness.

Fosse Retail Park is the most successful in Britain with tenants including Marks & Spencer, BHS and Boots. Rents are more than a third higher than any other retail park in Britain. Ulster Bank financed part of its purchase by the consortium.

McKillen's assets include stakes in Jervis and Powerscourt shopping centres.