Blanchardstown Shopping Centre owner refinancing loans
Green Property is seeking to refinance debts tied to the Blanchardstown Shopping Centre in Dublin, in a move that will be closely watched by the market.
The property firm is said to be working on a plan to refinance debts worth an estimated €650m.
While most of the financing originally came from a consortium of banks, a number of private equity firms are thought to have taken positions in the debt as a result of the huge number of loan portfolios being sold by the banks at present. Ulster Bank, AIB and Bank of Ireland were all lenders, but firms such as Blackstone, Lone Star and Marathon Asset Management now have stakes as well.
That may push up Green's borrowing costs sharply and may lead to it injecting more equity itself or take on high interest mezzanine debt.