Business Irish

Monday 21 October 2019

NAMA sells off Irish portfolio to Starwood consortium

The Irish Financial Services Centre in Dublin
The Irish Financial Services Centre in Dublin

Ailish O’Hora

THE National Asset Management Agency (NAMA) has flipped its first commercial property portfolio of loans to a consortium led by property investor Starwood Capital Group.

While NAMA has not disclosed the discount that applied it is understood the selling price was about €200m for the portfolio backed by 30 office and retail properties – 25pc of the par value of €800m.

The loans will be sold to  a new joint venture 80pc owned by the consortium and 20pc owned by NAMA while the bulk of the financing comes from the former.

According to NAMA, the consortium includes Key Capital Real Estate and Catalyst Capital.

The portfolio includes sites in the IFSC and a police station in Dublin city centre.

NAMA had applied an average discount of 57pc when it took over €74bn of bad bank loans following its creation in 2009.

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