Lloyds Bank has sold a portfolio of loans made to Irish developer Michael O’Flynn, with a face value of about €100m, to Ellis Short’s private equity firm Kildare Partners. The loans are backed by properties in Cork.
NAMA is selling another portfolio of loans made to O’Flynn in a process called Project Tower, managed by UBS. Blackstone, Lone Star and Davidson Kempner are said to be in the final round to buy the €1.8bn portfolio. They all submitted bids above €1bn.
Meanwhile, the IBRC has picked buyers for its latest NPL sale, the €9bn nominally-valued Project Stone. The portfolio was divided into eight tranches and Costar said CarVal Investors, Deutsche Bank, Goldman Sachs Special Situations Fund and Lone Star have all acquired tranches.