Saturn portfolio moves into MSREI orbit

Morgan Stanley Real Estate Investing completed the acquisition of the Saturn portfolio of loans from NAMA last week.

The portfolio, with a face value of around £220m, is believed to have been bought at a deep discount of 60-70%. MSREI did not disclose terms.

MSREI’s EMEA head, Brian Niles, said he was “pleased” to be “at the forefront of acquiring loans from the National Asset Management Agency”.

The debt is secured on development sites in London, Leeds and Manchester – including the Manchester mixed-use site Origin owned by West Properties. West Properties is headed by Donal Mulryan, brother of Sean Mulryan, who runs Ballymore.

MSREI intends to work with the borrower on the developments. Savills advised NAMA.