Last week, NAMA announced the sale of the Project Tower loan portfolio to Blackstone Real Estate Partners Europe IV. The portfolio relates to loans secured on assets under the control of the O’Flynn Group. The assets are located primarily in Ireland, the UK and Germany.
The Tower portfolio has a par value of €1.8 billion. The terms of transaction are commercially sensitive and are not being disclosed.
Commenting on the transaction, NAMA Chief Executive, Brendan McDonagh said:
“We are very pleased to have completed this transaction. It provides further evidence of the current and continued strong investor appetite for real estate assets and property-related loans in Ireland and in other jurisdictions to which NAMA has a significant exposure. We are particularly pleased that the transaction has been agreed with such a reputable international counterparty as Blackstone.”
Commenting on the transaction, Ken Caplan, head of European Real Estate at Blackstone, said:
“We are delighted to have had this opportunity to work with NAMA and to acquire the Tower loan portfolio and to expand our investments in Ireland, the UK and Germany.”