Saturday 24 February 2018

Cork property developer Michael O'Flynn exited Nama after refinancing his 1.1bn loans through private-equity group Blackstone. Under the deal, he retained most of the group's Irish development assets and Blackstone got the rest. In Nama, O'Flynn was in the minority as he hadn't given personal guarantees for his company's loans.

Late last year he partnered with global fund manager BlackRock Real Estate to acquire a prime site in Dublin's Docklands with planning permission to build student accommodation for 20m. He is also involved in an 80m housing development in Cork.

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