NAMA sells Ireland's tallest residential building

Tuesday 13 May 2014 08.49
Apart from as the Elysian Tower, most of the portfolio is located abroad
Apart from as the Elysian Tower, most of the portfolio is located abroad

Ireland's tallest residential building, the Elysian Tower in Cork, has been sold by NAMA.

It was part of Project Tower, a portfolio of loans secured on properties controlled by the O'Flynn Group.

The portfolio has a face value of €1.8 billion. 

NAMA refused to disclose the sale price, but property websites have reported the selling price to be €1.1 to €1.2 billion, making it one of NAMA's bigger transactions.

It was bought by the US investment firm Blackstone.

Apart from the Elysian Tower and a shopping centre in Ballincollig, most of the portfolio is located abroad, including a group of student residences in the UK called Victoria Hall, an office building in Jermyn Street, London, and a number of commercial properties in Germany.

NAMA chief executive Brendan McDonagh said the agency was 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 counter party as Blackstone," he added.

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."