Goldman Sachs and CarVal Investors win last major IBRC loan portfolio

IBRC has sold the bulk of Project Quartz, a predominantly Irish commercial real estate loan portfolio, to a joint venture of Goldman Sachs special situations fund and CarVal Investors, CoStar News understands.  

ibrc-logoThe nominal-value of Project Quartz, one of the three re-issued loan pools by IBRC’s special liquidators KPMG in the Spring, was originally €1.1bn, but this fell slightly after the sale of The Atrium buildings to Blackstone Real Estate Partners Europe IV for more than €100m.

The Atrium buildings consist of two high quality office buildings – which are Irish headquarters of Microsoft and Salesforce – totalling 346,000 sq ft in Dublin’s South Suburbs.

The balance of the Project Quartz loan portfolio, at just less than €1bn, was sold to Goldman Sachs and CarVal for a price thought to be in the high 30 cents in the euro range, implying a sale price of between €360m and €380m.  Lone Star, the single largest acquirer of legacy IBRC loans in both Europe and the US, was among the underbidders.

CoStar News understands that the €675m Project Amber portfolio, comprised of seven separate tranches, sold piecemeal to different buyers.  The third re-issued loan portfolio was €655m Project Pearl Irish residential loan portfolio, part of which is performing and part was sub and non-performing.

The performing pool, which accounted for around €250m of the Project Pearl loan pool, was being contested by Allied Irish Bank and Bank of Ireland, according to an Irish Times story two months ago.

Separately, Deutsche Bank, Lone Star and CarVal Investors were understood to be competing for the sub and non-performing component of Project Pearl.

In February, Lone Star won the entire two-tranche Project Salt and the vast majority of Project Rock legacy IBRC commercial property loan books with a combined face value of just over £5.2bn for a discount to gross unpaid balance of greater than 30%.

All parties declined to comment.

About CoStar News

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s