Deutsche Bank, CarVal Said to Make Irish Loan-Sale ShortlistJoe Brennan, Neil Callanan and Donal Griffin
Deutsche Bank AG and Kennedy-Wilson Holdings Inc. are among four bidders shortlisted to buy real estate loans with a face value of more than 400 million euros ($547 million) from Ireland’s bad bank, two people with knowledge of the matter said.
The National Asset Management Agency in Dublin also picked a Cargill Inc. unit, CarVal Investors, and Kildare Partners LLC among final bidders for the loans, said the people, who asked not to be identified because the matter is private. The portfolio, known as Project Spring, is linked to real estate owned by Irish developer Gerry Conlan and is being sold at a discount, three people said in March.
Spokesmen for NAMA, Deutsche Bank, CarVal, Kildare Partners and Debt Exchange Inc., known as DebtX, which is managing the loan sale, declined to comment. Officials at Kennedy-Wilson didn’t respond to requests for comment.
NAMA, established in 2009 to purge Ireland’s banks of about 71 billion euros of risky property loans, is seeking to take advantage of renewed interest in Irish assets following western Europe’s worst property crash ever. Irish commercial real estate values rebounded almost 10 percent in the year through March, according to Investment Property Databank Ltd. They remain 64 percent below their 2007 peak.
The liquidation of defunct nationalized lender Anglo Irish Bank Corp. since February 2013, with the sale of 90 percent of a 22 billion-euro loan book, shows that there is strong demand for Irish commercial real estate assets, the European Commission said in a June 23 report.
Permanent TSB Group Holdings Plc, the bailed out Irish lender, is also seeking to sell its 2.1 billion-euro commercial-property book.