Nama to sell Project Tower loan portfolio

Nama has said that it will sell the Project Tower loan portfolio to Blackstone Real Estate Partners Europe IV.

The portfolio relates to loans secured on assets under the control of the O’Flynn Group. The assets are located primarily in Ireland, the UK and Germany.

The sale is expected to complete this week.

The portfolio has a par value of €1.8bn. The terms of transaction are commercially sensitive and are not being disclosed.

“We are 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,” said Nama chief executive Brendan McDonagh.

“We are particularly pleased that the transaction has been agreed with such a reputable international counterparty as Blackstone.”