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CR gears up for future Irish distressed assets

Up to €70bn worth of distressed bank assets are expected to come to market by 2015 according to CR Investment Management, which is setting up a Dublin team to manage the Irish assets of clients.

Chris Ogle, who will head up the Irish team, said: "NAMA and Irish banks will be confronted with dis-tressed Irish property port-folios worth €70bn by 2015."

He added that CR has a number of British and European financial services clients with billions of euros worth of exposure to Irish property.

Its Irish office will be located in Dublin 2 and will employ about six people by the end of next year.

Indo Property