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.