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KPMG prepares fresh sales process for IBRC’s unsold projects

KPMG has repackaged all €2.4bn unsold IBRC non-performing loans (NPL) in three separate portfolios, dubbed projects Amber, Quartz and Pearl, in a set of fresh blind auction processes which are targeted for staggered closures before the year end.

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Barclays Bank wins loan financing mandate for Oaktree Capital

Barclays Bank has won the £335m whole loan financing mandate for Oaktree Capital Management and Patrizia Immobilien’s joint acquisition of the three-strong MEPC UK business parks portfolio.

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RBS shortlists for Project Achill Final Round

Royal Bank of Scotland has selected a shortlist of three private equity funds and one investment bank – Lone Star, Cerberus Capital Management, Oaktree Capital Management and Deutsche Bank – to progress to the second and final round for the nominally-valued €1.2bn Project Achill portfolio, following first round bids which were submitted on 1 August. The four finalists are understood to have bid for the majority of Project Achill, which comprised 31 separate borrower connections over six subpools originally extended to Ulster Bank, an RBS subsidiary.

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Shelbourne Hotel acquired by US property investment group

The Shelbourne Hotel has been acquired by US property investment group Kennedy Wilson, which is planning to invest millions of euro into the business to build on its status as the top five-star hotel in Dublin. This will include a facelift for the hotel’s facade, which is considered a “priority project”. Plans are also being developed to add a hair and beauty salon to its existing spa facilities, and to refurbish its 19 suites and public areas.

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Värde Partners wins NAMA’s Acorn portfolio for over €170m

Värde Partners outbid a joint venture of Burlington Real Estate, the reborn management team from Treasury Holdings, and US hedge fund Davidson Kempner to acquire the Acorn portfolio from NAMA for more than €170m, 30% above the initial asking price.

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Deutsche Bank pays €145m for €400m Project Spring portfolio

Project Spring includes loans secured on several prominent buildings in Dublin city, including several attractive redevelopment opportunities. It includes loans attached to an office block on Wilton Terrace near Leeson Street bridge, the Central Hotel on Exchequer Street, the Newhall Retail Park in Kildare, prime London city offices, and a development site near Britta’s Bay in Wicklow. Project Spring’s annual rent is circa €8m.

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Ulster Bank’s €1.1 billion sell-off

Loans tied to Independent News & Media’s headquarters, upmarket homes in Belfast and Dublin, and properties backed by developer, Paddy McKillen feature in a €1.1 billion debt portfolio that Ulster Bank and its parent have just put up for sale. Dubbed “project Achill” it will be the biggest portfolio of loans that Ulster and its […]

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Hibernia Reit acquires two IFSC properties for €90.75m

Hibernia REIT plc (Hibernia) has acquired Guild House and Commerzbank House in Dublin’s IFSC for €90.75m in cash from a syndicate of private investors in an off-market transaction. The price reflects a capital value of €629 per sq. ft. and a net initial yield of 6.6%.

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Pizza Express sells to Chinese firm for £900m

The Pizza Express restaurant chain, which owns Milano in Ireland, has been sold to Chinese firm Hony Capital for £900 million.