Saturday 21 April 2018

Nama sales so far and still to come

NAMA chief executive Brendan McDonagh and chairman Frank Daly
NAMA chief executive Brendan McDonagh and chairman Frank Daly Newsdesk Newsdesk

Project Eagle

€5.6bn portfolio consisting of Nama's entire Northern Ireland loan book. Sold in Nama's single biggest trade to US fund Cerberus for €1.6bn in April 2014.

Project Tower

€1.85bn portfolio of Cork-based developer Michael O'Flynn's O'Flynn Group of companies. €1.75bn of the portfolio sold in April 2014 to US private equity giant Blackstone for approximately €1.1bn. Remaining €100m sold to Kildare Partners for around €20m.

Project Spring

€427m in property loans advanced to developer Gerry Conlan secured by assets of office blocks in Dublin, land in Westmeath and Wicklow, and offices in London. Sold for €145m to Deutsche Bank in July 2014.

Project Drive

€228m portfolio comprising loans extended to Malahide-based developer and auctioneer Brian O'Farrell. With Dublin's Northside Shopping Centre as its centrepiece, the portfolio was offloaded by Nama to Patron Capital for some €49m.

Project Holly

€373m portfolio consisting of 28 commercial property investment and development loans advanced to developer Sean Reilly's McGarrell Reilly Group. Sold to US fund, Lone Star, for around €220m in January 2014, representing a discount of approximately 41pc. The portfolio secured by some 40 assets including offices in Dublin and CityNorth - a 100ac mixed-use commercial development at Gormanston.

Project Club

€250m portfolio consisting of loans advanced to developer Eamon Duignan for retail properties and development land within the Dublin commuter belt. Sold in December 2013 to CarVal Investors for around €70m.

Project Acorn

€130m portfolio consisting of three shopping centres - the Blackpool Shopping Centre and Blackpool Retail Park in Cork, the Millfield Shopping Centre in Balbriggan, Co Dublin and the Showgrounds Shopping Centre in Clonmel, Co Tipperary. Sold to Varde Partners for €170m in July 2014.

Project Aspen

€810m portfolio consisting of 16 loans extended to the late David Courtney's Regeneration Developments. Sold for around €200m in May 2013 to a consortium consisting of Starwood Capital, Key Capital Real Estate and Catalyst Capital. The transaction saw 80pc of the portfolio go to the Starwood-led consortium with the remaining 20pc stake retained by Nama. The deal was facilitated by the provision by Nama to the buyer of vendor finance to the tune of 60pc or €120m. The remaining €80m came in the form of €64m in equity from Starwood and €16m in equity from Nama.

Project Redwood (Assets)

Portfolio secured by four major commercial assets in Dublin City Centre. While No 2 Grand Canal Square, the Observatory on Sir John Rogerson's Quay, One Clarendon Row and Chatham Court carried a price tag of €160m, their sale in June 2013 brought in €213m. The portfolio went to three separate buyers with Irish Life paying €120.2m for No 2 Grand Canal Square, Hibernia REIT acquiring the Observatory for €52.5m and Lone Star purchasing One Clarendon Row and Chatham Court for a combined €41m.

Project Cherry (Assets)

400ac site of Cherrywood Business Park in south Dublin sold by receivers appointed on behalf of Nama, Danske Bank, Bank of Scotland and AIB in October 2014. The site, which had been assembled by developer Liam Carroll and offered for sale for €220m, was snapped up by two US funds, Hines and King Street Capital for €270m.

Major Nama LOAN portfolios now on the block and coming up for sale

Project Jewel

€1bn plus portfolio secured by Chartered Land chief Joe O'Reilly's Dundrum Town Centre and the Pavilions Shopping Centre in Swords and the Ilac Shopping Centre in Dublin City Centre.

Project Tolka

A €1.5bn portfolio made up of loans associated with developers Paddy Kelly and John Flynn, and Alanis - a property investment vehicle controlled by the Dublin-based McCormack family.

Project Milner

€778m portfolio secured by 10 properties controlled by Galway-based developer Gerry Barrett. Includes the G Hotel in Galway and the D Hotel in Drogheda.

Project Abbey

€750m loan book of Pat Doherty's Harcourt Developments.

Project Arrow

An €8.4bn non-performing loan portfolio secured by assets of some 500 smaller borrowers in Ireland and the UK. All loans have a face value of €75m or less. 50pc of Project Arrow is made up of Irish residential property while the remainder consists of office, retail, mixed-use and land.

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