Deutsche Bank pays c.€145m for NAMA’s Project Spring

Deutsche Bank has won NAMA’s Project Spring for around €145m, with the keenest underbidder on price thought to have been Kildare Partners, CoStar News understands.

DB long logoProject Spring is comprised of €427m of property loans extended to Irish property developer Gerry Conlan by banks, such as Allied Irish Bank, includes four commercial properties and two land sites. 

Deutsche Bank has also fought off competition from CarVal Investors and Kenney Wilson Europe, in the investment bank’s first major win since leading the winners of IBRC’s penultimate non-performing commercial property loan portfolio, Project Stone, four months ago.

CoStar News understands that Project Spring includes:

  • an office block in Wilton Place, Dublin 2;
  • the former office of Hibernian Group in Haddington Rd, Dublin;
  • Newhall Retail Park in Naas, Co. Kildare;
  • Central Hotel, 1-5 Exchequer St, Dublin 2;
  • An office building in London;
  • land site in Gigginstown;
  • land site near the European Club in Brittas Bay, Co. Wicklow.

Project Spring’s annual rent is circa €8m.

DebtX was appointed to sell Project Spring on behalf of NAMA.

NAMA, Deutsche Bank and DebtX all declined to comment.

About CoStar News

Finance Editor, CoStar News
Gallery | This entry was posted in Banks, Lenders, NAMA, Private equity real estate, Refinancings and tagged , , . Bookmark the permalink.

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