Business Irish

Friday 28 October 2016

Ballymore unit in talks with Lone Star

Published 27/09/2016 | 02:30

Ballymore boss Sean Mulryan
Ballymore boss Sean Mulryan

Property development firm Sherman Oaks - now a wholly-owned unit of Sean Mulryan's Ballymore group - is still in talks with US private equity giant Lone Star regarding its funding status.

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The company's latest set of accounts reveal that the negotiations regarding ongoing funding are continuing.

Sherman Oaks' loans were part of the 'Project Clear' portfolio sold last December by Ulster Bank. That saw loans with a total par value of €2bn sold for just over €500m. The loans were acquired by Cairn Homes in conjunction with a Lone Star fund, LSREF IV Clear.

Cairn paid €378m to the deal, and Lone Star paid €125m. Over 90pc of the lands connected with the loan portfolio are in Dublin.

Irish Independent

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