FINANCE: Special liquidators of IBRC have confirmed the sale of the majority of the €1.8bn (£1.5bn) Project Sand and €9.3bn (£7.7bn) Project Stone loan portfolios.
Kieran Wallace and Eamonn Richardson of KPMG Dublin said that 85% of Project Stone has been sold to four buyers – Deutsche Bank, Lone Star, CarVal Investors and Goldman Sachs – in loan portfolio tranches.
It added that a number of other third parties bought single-borrower connections in the commercial real estate portfolio, which is backed by assets in Ireland, the UK and continental Europe.
Regarding Project Sand, which comprises mostly mortgage loans, it said 64% had been sold to two buyers – Lone Star and Oaktree Capital Management.
The IBRC portfolio has now seen five portfolio processes with a par value of approximately €19.8bn completed out of a total book of €21.7bn.
The special liquidators will continue to work with Nama to ensure repayment of the outstanding facility deed debt owed to it through cash receipts and banking assets.
The purchasers that have acquired mortgage loans as part of Project Sand have agreed to direct that the mortgage loans are serviced in accordance with the terms of the Central Bank of Ireland Code of Conduct on Mortgage Arrears.?
The special liquidators will begin communicating with loan and mortgage customers immediately to inform them of the outcome of the sales process directly.
The special liquidators said: “The sales process for the IBRC loans, including their segmentation to meet demand from international buyers, has delivered a very positive result with over 90% of IBRC’s loan assets now sold within 14 months of the bank’s liquidation. The response of markets to the liquidation and sales process has exceeded our expectations.”
bridget.o’connell@estatesgazette.com
