March 23 (Bloomberg) -- Morgan Stanley bought a portfolio of loans backed by properties and development projects in London and Manchester, England, from Ireland’s National Asset Management Agency for an undisclosed sum.
“We’re pleased to be at the forefront in acquiring loan portfolios from NAMA and we look forward to generating value for our investors,” Brian Niles, European head of Morgan Stanley Real Estate Investing, said in an e-mailed statement.
Morgan Stanley, based in New York, acquired the loans for about 65 million pounds ($103 million), or a 70 percent discount, Property Week reported in November. The trade magazine said that West Properties, the company run by Donal Mulryan, will continue to manage the real estate for Morgan Stanley.
The Saturn portfolio consists of about 220 million pounds of loans to West Properties. The debt was acquired by NAMA, which was established to purge Ireland’s banks of 74.2 billion euros ($98.3 billion) of troubled commercial real-estate loans.
Morgan Stanley spokesman Hugh Fraser declined to comment and Mulryan wasn’t immediately available.
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