Lone Star seeking to refinance Irish assets
Lone Star is seeking to refinance hundreds of millions of euro worth of its Irish property portfolio, in what will be a major test of interest in the commercial property market among the European financial community.
Texas-based Lone Star, which last week bought the Jurys Inn hotel chain for €910m, is looking to refinance a series of properties from the Project Holly portfolio, which it bought from NAMA a year ago.
The firm is seeking a loan of some €400m and has hired Eastdil Secured to source the financing.
Among the properties included in the portfolio is the Watermarque Building in Dublin 4 and the Iveagh Court Complex.
The refinancing, first reported by Estates Gazette. will be a key test of how financial houses view the recovery in the commercial property market.
While investment firms have bought heavily in Ireland over the last three years, very few of the moves have been specfically financed by any banks, and Irish lenders have been notably absent.
If Lone Star comfortably refinances its assets, it will be a huge endorsement of the recovery which has gone from strength to strength in the past 12 months.
Sunday Indo Business