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NAMA to make profit from sale of centre

NAMA looks set to secure a profit from the sale of a shopping centre in Blackpool, England, for £100m (€113m).

Extending to 37,160sqm, Houndshill Shopping Centre was developed by a UK firm Modus Corovest. It received around €140m from Anglo Irish Bank, which is believed to have transferred the loans to Nama at a substantial discount.

Two years ago Anglo appointed KPMG as administrator to the centre which is anchored by Debenhams. If it sells for a suggested £100m, an investor would achieve a yield of around 7.5pc.

The administrator has already sold another Modus shopping centre, known as Trinity Walk in Yorkshire, to the building contractor.

Anglo had loaned €63m for the Trinity project.

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