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NAMA picks up x800m in London hotels sales

NAMA has sold the loans of three prestigious London hotels for more than €800m. The hotels were previously owned by Irish investors.

The properties -- Claridge's, the Connaught and the Berkeley -- were bought by a consortium of Irish investors, led by Derek Quinlan, in 2005

The deal was NAMA's largest single asset sale to date and means that the agency is on course to sell €7.5bn worth of assets by the end of 2013. Maybourne Finance Ltd, a vehicle owned by the Barclay brothers, bought the properties from NAMA.

NAMA said it recovered 100pc of the original loan value, plus interest, but did not disclose how much of a profit it made.