Up to five investors are understood to be willing to bid at least €950 million to buy the loans given to the property group controlled by Michael O’Flynn from Nama, although the State agency has yet to put them on the market
Mr O’Flynn, the main shareholder behind Cork-based O’Flynn Construction and Tiger Developments, was one of the “top 10” developers whose loans were the first taken over by Nama when it began buying property-backed debt from the Republic’s banks in 2010. His businesses had liabilities of about E1.5 billion, tied to property developments in Ireland and Britain that included the Elysian Tower residential tower in Cork and commercial projects in London and Edinburgh.
Yesterday it emerged that up to five institutions in all are circling the loan portfolio and have approached Nama about the possibility of buying the debts. Deutsche Bank, specialist investor, Apollo, which bought credit card company MBNA’s Irish business and US-based Lone Star, whose Irish division is led by Eddie Byrne, who was head of lending at Anglo Irish Bank’s US branch, have all been named as possible suitors. Source: The Irish Times