Blackstone Group LP (BX) is the preferred bidder to buy about 1.8 billion euros ($2.5 billion) of Irish, German and U.K. real estate loans from Ireland’s National Asset Management Agency, two people with knowledge of the matter said.
The loans are linked to properties built by Irish developer Michael O’Flynn and his companies, said the people, who asked not to be identified because the information is private. They didn’t say what the discount on the loans is.
Holders of property loans including Ireland’s NAMA are accelerating sales as economies in Europe show signs of emerging from the worst of the sovereign-debt crisis. Blackstone has raised $7 billion from investors for Europe’s largest ever real estate fund, the New York-based company said last month.
NAMA was set up in 2009 by the government to take over 74 billion euros of risky commercial real estate loans held by Ireland’s banks and sell them over as many as 10 years.
Property Week reported the sale earlier today.
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