It is today being reported that a portfolio of loans associated with the British developer, Cyril Dennis, which had been transferred to NAMA and which have a face value of €600m (GBP 515m) are set to be sold for GBP 280m (€326m) to an investment company called Orion Capital Partners. If the reported details are correct the sale price would represent a 46% discount on the face value of the loans. At least some of the loans are understand to have been originally advanced by Irish Nationwide Building Society which has now been merged with Anglo to form the Irish Bank Resolution Corporation. INBS funded the redevelopment of the Le Provencal hotel in France into 50 luxury apartments. It is not known how much NAMA paid for the loans, or if the Agency will see a profit on the transaction as NAMA does not generally comment on individual transactions.
In August 2011, it was reported that Orion had bought from NAMA the 1-acre Jamahiriya School site at Glebe Place (situated south of Kings Road, between Kings Road and Chelsea Embankment in Chelsea in south west central London). The site had originally been bought by Derek Quinlan and a group of private investors. Orion is understood to have paid GBP 80-90m (€93-105m) for that site.
CB Richard Ellis was marketing the loans.
I think it was Mike Phillips at Property Week who broke this report early this afternoon but the story is only available to subscribers at Property Week, and the Estates Gazette has a summary here. It was Oliver Shah at the British Sunday Times (also not available online without subscription), who on 9th October 2011, first reported the loan portfolio was being offered for sale..