Nama readies portfolio sales worth €220m
Published 05/04/2015 | 02:30
Nama is set to to bring two new portfolios to the market with a combined value of more than €200m.
The state bad bank have hired advisors to sell three shopping centres with an estimated value of €120m, and eight office blocks valued at around €100m.
Project Hazel is a portfolioof three regional shopping centres. According to Estates Gazette, it will include the Galway Shopping Centre, Wilton Shopping Centre in Cork, and the Drogheda Retail Park in County Louth.
Nama have appointed Bannon and DTZ to handle the sale.
Project Hazel is the latest portfolio of shopping centres and retail parks to be put on the market by the agency.
Last year the firm put the Parks Portfolio up for sale with a guide price of €110m. That portfolio included Carrickmines business park in Dublin, M1 in Drogheda, Lakepoint in Mullingar, Poppyfield in Clonmel and Four Lakes in Carlow.
There has been strong international interest in the retail parks from foreign investors. Last July US investment firm Varde agreed terms to buy Blackpool Shopping Centre in Cork, the Showgrounds in Clonmel, Co Tipperary, and Millfield Shopping Centre in Balbriggan, north Dublin, for a combined total of €170m. That was €40m more than the original asking price for the portfolio.
Separately, Nama is in the final stages of bringing to market Project Slaney, which comprises eight offices, four of which are tied to John Lally's Laco Holdings and David Arnold's D2 Properties.
The two former Lalco properties are Burton Court and Cairn House in Sandyford, while D2 controlled Fenward House and Ballymoss House.
The other four properties are located at Carrickmines.
Lalco is in the process of paying down debts worth €506m with Nama. It has teamed up with US billionaire John Malone who has spent hundreds of millions of euro on Irish property since the crash.
Last month Lalco was part of the John Malone Partnership which is said to have paid more than €50m for the former Four Seasons Hotel in Ballsbridge, now rebranded as the Intercontinental.
Mr Lally bought Humewood Castle for €25m in 2008. However, his ambitious plans for a €250m tourism development never materialised and Humewood Castle Mr Malone bought the castle for €8m in 2012.
Lalco Hotel Group employs more than 1,100 people across the hotels it operates.
In November Mr Malone bought the Lalco-operated Strand Hotel in Limerick for more than €20m.
Sunday Indo Business