According to Bloomberg, The National Asset Management Agency is preparing to sell around €300 million worth of Irish property loans, which are linked to buildings such as The Watermarque, and the Iveagh Court office complex, in the capital.
The loans, which are linked to properties built by Dublin-based developer McGarrell Reilly Group, are expected to be sold at a discount.
Following the property crash, international investors have scrambled to buy up properties, and loans backing real estate, in Dublin as returns rebound – currently accounting for almost two-thirds of the commercial property being sold.
Davy Stockbrokers, along with US investment firms Lone Star Funds, Goldman Sachs and Apollo Global Management, are reported to be among the bidders for 25 Dublin properties, which are being sold by Lloyds Bank as it exits Ireland.
Jones Lang LaSalle, the company managing the sale, is seeking €140 million for a portfolio known as ‘Ulysses’, which includes the Department of Justice, along with various office buildings, retail stores and apartments.
Most of the so-called ‘Ulysses’ properties previously belonged to Liam Carroll, one of the country’s biggest developers during the real-estate bubble, who has seen much of his portfolio seized by the banks, in the intervening years.