Breaking News


Blackstone Said to Bid Most for $2.5 Billion NAMA Loans

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.

To contact the reporter on this story: Neil Callanan in London at

To contact the editors responsible for this story: Andrew Blackman at Andrew Blackman, Dara Doyle

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.