FINANCE: Blackstone has been picked as preferred bidder for Nama’s €1.8bn Project Tower portfolio of loans, beating competition from Lone Star and Davidson Kempner.
Nama used investment bank UBS to oversee the divestment of the portfolio.
The loans relate to prime properties owned by Cork-based property magnate Michael O’Flynn and located in the UK, Ireland and Germany, which have a combined annual rent roll of €75m.
Bad bank Nama is expected to bring more “mega-portfolios” to the market in 2014 following the sale of portfolios such as Tower, and the €4.5bn Project Eagle, which comprises its entire Northern Ireland loan book and was sold to Cerberus Capital Management earlier this month.
sophia.furber@estatesgazette.com
