Thursday 29 September 2016

US firm buys huge Dublin Nama apartment portfolio

Published 09/04/2015 | 02:30

NAMA
NAMA

A US investment firm has paid close to €120m for nearly 600 apartments around Dublin.

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New York-based Marathon Asset Management has agreed terms to buy the so-called Plum Portfolio from Nama.

The portfolio includes 588 apartments across seven developments.

The portfolio was put on the market last October by Nama with an asking price of €116m.

It includes apartments at Beechwood Court in Stillorgan, Time Place on Corrig Road in Sandyford, Lad Lane in Dublin 2, Heywod Park in the Northwood development in Santry, Northern Cross on the Malahide Road, and part of the Waterside development, which is also on the Malahide Road. The deal is the latest large block of apartments to be sold off by the State bad bank to a large institutional investor.

Last August, Canada's IRED REIT paid €211.3m for the Orange Portfolio of 761 apartments and retail from Nama.

This is Marathon's second major apartment deal in Dublin. In 2014 it paid some €120m for loans tied to the Heuston South Quarter development in central Dublin from Lloyds Banking Group.

That deal gave Marathon control over more than 200 apartments as well as large office space and retail as well.

Marathon specialises in distressed asset sales.

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