Nama has selected Lone Star to buy its Project Holly portfolio of Irish non-performing loans.
The private equity firm is understood to be paying around €220m for the NPL, which has a face value of €373m – reflecting a discount of around 40%.
Other shortlisted bidders are reported to have included Kennedy Wilson and Starwood Capital.
The portfolio comprises loans to Sean Reilly’s McGarrell Reilly Group, backed by assets including:
• 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.
Cushman & Wakefield Corporate Finance is advising Nama.
bridget.oconnell@estatesgazette.com
