Your contributions will help us continue to deliver the stories that are important to you

THE NATIONAL ASSETS Management Agency has sold a portfolio of loans worth €1.8 billion which includes the tallest building in the Republic – the Elysian Tower in Cork.
NAMA made the announcement yesterday that the ‘Project Tower’ loan portfolio was sold to Blackstone Real Estate Partners Europe. This portfolio relates to loans secured on assets under the control of the O’Flynn Group construction company.
They are located mainly in Ireland, the UK and Germany.
NAMA said it would not disclose the terms of the deal as they were “commercially sensitive”.
However CoStar Finance reported last month that Blackstone was paying €1.1 billion for the portfolio.
Editor at the finance blog, James Wallace, said the original portfolio was made up of three sub-pools which include:
- a €266m performing pool secured by a UK-led student accommodation portfolio, comprised of 11 assets in the UK and one each in Germany and Spain. The loans mature in March 2018;
- a €540m sub and performing pool secured by 23 UK investment properties, five UK development schemes and six German investment properties. The majority of the loans mature in March 2018, while a smaller pool of underwater UK-secured loans mature between March 2014 and March 2016;
- a €1.02bn sub and non-performing 21 investment properties, 67 residential and commercial developments and 27 landbanks throughout Ireland.
Commenting on the sale yesterday, NAMA Chief Executive Brendan McDonagh said it provides “further evidence of the current and continued strong investor appetite for real estate assets and property-related loans in Ireland and in other jurisdictions to which NAMA has a significant exposure”.
COMMENTS (59)