• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« NAMA sells historic railway station
Today, Ireland sold €1bn of state assets – where is the oversight? »

NAMA sells Treasury Holdings Opera loan for “single digits in the euro”

January 9, 2013 by namawinelake

[30 second version – CoStar, the UK commercial property portal, has this afternoon reported that NAMA has sold the €85m face-value mezzanine loan which had been advanced to Treasury Holdings’ Opera fund which in turn controls Merchants Quay shopping centre in Cork, an office block on Mespil Road in Dublin, Stillorgan shopping centre, South Bank House and “The Warehouse” buildings, both on Barrow Street. The buyer is US investor, Northwood. The purchase price is not disclosed but said to be “in single digits in the euro” and the purchase may place Northwood in a commanding position with respect to the control of the property portfolio]

The outworking of Treasury Holdings property dealings continues apace, with exclusive news today from James Wallace at the UK’s commercial property portal, CoStar, that NAMA has sold €85m of face-value loans associated with the Opera fund, to US investor Northwood.

We learned yesterday that liquidators were appointed to Real Estates Opportunities PLC, the Channel Islands-based property group in which Treasury Holdings – founded by the formerly-dynamic duo of Johnny Ronan and Richard Barrett – has a controlling interest. REO in turn manages the Opera property fund, a collection of 16 Irish properties including the Merchants Quay shopping centre in Cork and the Stillorgan shopping centre in Dublin. The fund is believed to have €375m of loans in addition to the €85m of junior loans controlled by NAMA.

The buyer is US investor, Northwood Investors which has in the past been sniffing around loans owed by Paddy McKillen’s Maybourne group of the three London hotels. Northwood was founded in 2006 by John Kukral, the former boss of real estate at our new bessie friends in Ireland, Blackstone, which has recently bought the Burlington hotel. The sale price has not been disclosed but is understood to be around €5m or as CoStar say “in single digits in the euro”

CoStar speculate that the purchase of the junior loans from NAMA may be a stepping stone to greater  control of the underlying property portfolio because of the consents required from the holder of the loans before anything is done with the underlying assets. Whether this has any foundation or not remains to be seen – none of the parties are providing comment – but it does have echoes of the moves at Noel Smyth’s UK property fund, Alburn Real Estate Capital where a mysterious company bought the loans of that group and acquired significant control.

Advertisement

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Developers, Hotels, Irish Property, NAMA, Non-Irish property | 5 Comments

5 Responses

  1. on January 9, 2013 at 3:03 pm JP

    As you reported Northwood eventually landed One Warrington Place last year

    https://namawinelake.wordpress.com/2011/09/19/nama%E2%80%99s-first-staple-finance-sale-one-warrington-place-in-dublin-2/


  2. on January 9, 2013 at 10:31 pm who_shot_the_tiger

    Even money says that NAMA gave Northwood another “staple” loan to buy the loans….. In fact I’d take odds on.


  3. on January 9, 2013 at 11:27 pm Michael O'Donnell (@MODonnell74)

    So did they take on any debt? Is it the case that the properties are valued at approx €5m collectively?


  4. on January 10, 2013 at 12:31 am who_shot_the_tiger

    No, not the properties. They sold a mezzanine loan. Not the senior debt, just a high level slice of debt, which is probably worthless, but it puts them in pole position to buy the senior debt and acquire the properties at a larger discount because they will frighten away any other bidders. Nice one. NAMA looking after its friends?


  5. on January 10, 2013 at 3:45 pm OMF

    Is Nama still going to make a profit with sales like this?



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 4 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 4 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 4 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 4 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 4 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 4 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 4 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 4 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    January 2013
    M T W T F S S
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
    « Dec   Feb »
  • Blog Stats

    • 5,113,854 hits

Create a free website or blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: