Lone Star is one of a handful of investors carving up Ulster Bank’s €1.2bn Project Achill loan portfolio.
The US private equity firm has won two of the six tranches of the NPL, which are being sold by Royal Bank of Scotland. ?It has secured pool A and pool C, which includes a loan secured by IBIS & Novotel hotels in Reading’s Friar Street.
The pools have a face value of circa €600m and have been acquired at a discount of 35%. Kennedy Wilson, Davidson Kempner, Bank of Ireland and Goldman Sachs have each taken one of the remaining four pools.
Eastdil Secured advised on the sale of the portfolio, which was secured against mainly ?Irish assets.
bridget.oconnell@estatesgazette.com
