Cerberus Capital Management has bought Project Rathlin, a portfolio of property loans, from Ulster Bank in what the bank says will be its “final material transaction” in Northern Ireland.
The American firm paid £205m for the portfolio, which had a face value of £1.4bn.
The loans are connected to assets including the 16-acre Sirocco Works and the Royal Exchange project, both in Belfast.
The portfolio generated a loss of around £16m in the year to 31 December 2014. The sale is expected to result in a loss of approximately £5m after costs associated with the transaction.
