The two major UK property lenders are gearing up to offload €1.4bn of Irish property and loans as banks continue to deleverage from real estate.
Ulster Bank, which is part of Royal Bank of Scotland, is preparing to dispose of €1bn of loan-related investment property, heavily weighted towards Dublin.
Four agents are understood to be pitching for the sale, which would be one of the largest wholesale disposals of assets in one city since bank deleveraging kicked off in earnest.
The portfolio, which is understood to include receivership and consensual sales, comprises several properties across Dublin, including the headquarters of State Street bank in Ireland. The 175,000 sq ft building, which has an rent roll of more than €7m pa, was developed by Liam Carroll’s collapsed Danninger development company.
A total of 70 loans has been earmarked by the bank for inclusion in the portfolio. They are secured on a mix or residential and commercial property. One-third of the portfolio relates to Northern Ireland.
Agents have until Monday to submit their proposals for the sale.
Lloyds-owned Bank of Scotland Ireland is also understood to be putting together a €400m portfolio to sell.
The bank already has a workout vehicle, Certus, which is -managing €30bn of outstanding Irish loans.BOS (Ireland) stopped lending in 2010.
bridget.o’connell@estatesgazette.com
