US private equity firm Anchorage Capital has been linked to Nama’s upcoming €400m loan book sale, Project Holly.
According to the Irish Independent, the New York-headquartered firm was the “catalyst bidder” prompting Nama to prepare the portfolio of loans linked with Dublin-based developer Sean Reilly’s McGarrell Reilly Group for sale.
It says that Reilly has engaged with Anchorage, which is represented by former AIB chairman Dan O’Connor in Ireland, and other investment managers to try and buy back the loans.
In September Nama appointed Cushman & Wakefield to advise on the NPL sale as revealed by Estates Gazette. The portfolio, which is understood to include around seven income producing loans, is expected to come to market later this year.
Reilly was one of the group dubbed the Maple 10, which bought shares in Anglo Irish Bank. He founded McGarrell Reilly in the 1980s and originally focused on residential development. His property loans were taken over by Nama in late 2010.
According to the McGarrell Reilly Group website the firm’s investment properties include:
• The 107,000 sq ft Watermarque Building in Ringsend, Dublin 4, which the group bought from Green Property for around €55m (£37.4m) in 2006 when it was vacant. It is now around 70% occupied.
• The 210,000 sq ft Iveagh Court Complex located at the junction of Harcourt Road and Charlemont in Dublin 2 which includes offices and flats
• The CityNorth Hotel on the Belfast to Dublin M1 motorway corridor in County Meath. It is the landmark building in the 100-acre Citynorth Business Campus which the McGarrell Reilly Group is developing around the hotel.
• The 60,000 sq ft office building at 25-28 Adelaide Road, Dublin 2 known as Marsh House which is principally occupied by Marsh Ireland as its Irish headquarters.
• The 10,000 sq ft office and retail building 87 Sandymount Road in Sandymount Village, Dublin
• The 3,000 sq ft Kingram Mews located to the rear of both Fitzwilliam Square and Fitzwilliam Place in Dublin 2 which comprises 1,700 sq ft of offices and two flats over 1,345 sq ft.
• 11-12 Hogan Place, Dublin 2, a three-storey city centre headquarters building located at the corner of Hogan Place and Harmony Row close to Merrion Square and south Docklands.
It also owns development sites in Dundalk, Donabate, Stepaside and elsewhere, which are earmarked for residential development.
bridget.oconnell@estatesgazette.com
