US private equity group Blackstone is reportedly the preferred bidder to buy a €1.8 bn portfolio of Irish, German and UK loans from Ireland’s National Asset Management Agency.
The loans are linked to properties built by Irish developer Michael O’Flynn and his companies.
According to news reports in the UK press, the package is believed to be trading for €1.1 bn, reflecting a discount to face value of nearly 40%.
Project Tower consists of a €266 mln performing sub-portfolio secured by a UK-led student accommodation package of 11 assets in the UK and one each in Germany and Spain; a €540 mln sub- and performing package secured by 23 UK investment properties, five UK development schemes and six German investment properties; a €1.02 bn sub- and non-performing portfolio of around 100 investment properties and developments throughout Ireland.
Both NAMA and Blackstone declined to comment.
