Saturday 1 October 2016

Six of the worst: Timing is everything with Nama sales

Published 17/05/2015 | 02:30

Sean Reilly
Sean Reilly
One Warrington Place, Dublin 2
1–6 Sir John Rogerson’s Quay, Dublin 2
The Forum Building, IFSC, Dublin 1
Dock Mill, Grand Canal Dock, Dublin 2
Booterstown Marsh site, South County Dublin

Timing is everything with Nama sales

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Project Holly

Loan portfolio of developer Sean Reilly.. Loans with a par value of €373m sold by Nama to US private equity giant Lone Star for €220m in January 2014. Lone Star sold the majority of the Reilly portfolio assets on to another US fund, Starwood Property Trust for €350m in March of this year.

2014: Sold by Nama for €220m

2015: Sold by Lone Star for €350m

One Warrington Place, Dublin 2

Sold by Nama in an off-market deal in 2012 to US fund, Northwood Investors, for €27m. Last year, the property changed hands once more as the US fund sold it on for around €42m — or over €15m more than it had paid just two years earlier.

2012: Sold by Nama for €27m.

2014: Sold by Northwood Investors for €42m

1–6 Sir John Rogerson’s Quay, Dublin 2

Sold by Nama to Australian student accommodation specialist, Urbanest, in June 2013 for €7.5m. Last August, the lands were sold by Urbanest to Hibernia REIT, the property fund headed up by former Nama senior portfolio manager Kevin Nowlan, for €17.75m.

2013 Sold by Nama for €7.5m

2014 Sold by Urbanest for €17.75m

The Forum Building, IFSC, Dublin 1

Sold by Nama in late 2012 to US private equity firm, Atlas Capital, for 28m. Less than two years later in August 2014, Atlas sold the 47,000 sq ft property and its 370 car park spaces on to the Hibernia REIT for €37.8m — or nearly €10m more.

2012: Sold by Nama for €28m.

2014: Sold by Atlas Capital for €37.8m

Dock Mill, Grand Canal Dock, Dublin 2

Sold by Nama to developer Chris Jones in 2013 for €1.3m. After spending around €1.4m converting the building into offices, Jones sold the property on to Google last January for €13m.

2013: Sold by Nama for €1.3m.

2015: Sold by developer Chris Jones for €13m

Booterstown Marsh site, South County Dublin

Sold at auction on the instruction of receivers acting for Nama in 2012 for €400,000, the 5ac site, which had been owned by developer Bernard McNamara during the boom, was sold on again to the family of Belfast-born property investor Paddy McKillen for a reported €1m last September.

2012: Sold by Nama for €400,000.

2014: Sold by private investors for €1m

Sunday Independent

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