US-based investment manager Marathon Asset Management is under offer to buy Nama’s Project Plum portfolio.
The residential-led mixed-use portfolio was being marketed at £84m – a 6.3% yield.
Assets include 588 flats across seven developments in Dublin, plus 36,000 sq ft of offices and shops. Some of the flats, which are almost all in suburban locations, are still under construction.
The sites include Beechwood Court, Time Place, Carrington Park, Northern Cross, Heywood Court, Northwood Park and Waterside.
Beechwood Court was recently completed, but Carrington Park still requires significant capital expenditure.
The portfolio also includes a further residential block on Lad Lane in central Dublin, which is let to short-term accommodation specialist Reservations Network at €372,000 (£236,000) pa. An additional €70,000 comes from an adjoining car park.
The 30,000 sq ft of shops at the Northern Cross complex are all currently vacant.
Once complete, the portfolio is expected to command a rent roll in the region of £6m.
Marathon, which won a competitive tender against four other bidders for the portfolio, has appointed Avestus Capital Partners to manage the assets.
Appetite for Irish residential assets has been buoyed by a supply shortage.
Nama’s Project Orange, one of the largest Irish residential portfolios sold so far this cycle, attracted multiple heavyweight investors, with IRES REIT eventually securing the deal with a £153m bid.
Marathon is part of a wave of US private equity buyers that have been extremely active in the portfolios market, both in the UK and Ireland.
Savills and DTZ acted for Nama.
