KPMG has confirmed this morning that the majority of the combined €7bn Project Rock and Salt have been won in separate trades to Lone Star and a consortium including Sankaty Advisors and Canyon Capital Advisors.
Kieran Wallace and Mr. Eamonn Richardson of KPMG Dublin, IBRC’s joint special liquidators, have issued a statement confirming stating that 100% of the Project Rock and Salt loans have traded, with a small proportion of as yet unidentified winners, and no loans from these two pools will trade to NAMA.
A spokesperson for the Special Liquidators said: “The Special Liquidators are very pleased with the successful conclusion of loan sales in respect of three major portfolios of IBRC loans, namely Rock, Salt and Evergreen.
“Thus far, market interest in IBRC’s assets has been confirmed with the conclusion of sales at bid levels that exceed independent valuations conducted on these books. The sales process is continuing on the remaining books according to the programme previously set out by the Special Liquidators.”
The status of the sales process in respect of the remaining books is as follows –
Project Sand, comprising mostly mortgage loans with a par value of approximately €1.8 billion and 12,700 mortgages accounts: Phase Two (binding bids) to conclude on March 14th, 2014.
Project Stone, comprising mostly commercial real estate loans originated through the Irish offices of IBRC with a par value of approximately €9.3 billion: Phase Two (binding bids) commenced on February 17th and will conclude on 21st March 2014.
Project Pebble, a further portfolio of commercial real estate loans originated through the Irish offices of IBRC with a par loan value of approximately €800 million: Final bids were received on 21st February and are currently being evaluated.