Deutsche Bank has won NAMA’s €608m Project Arch non-performing loan portfolio paying €164m, CoStar News has learned.
The price suggests a discount of 73% based on the original principal balance.
NAMA has completed a busy week after defining a final five-strong shortlist for its most-coveted asset, the Dundrum Shopping Centre, the centrepiece of its intentionally-named Project Jewel loan portfolio.
Underbidders on Project Arch were CarVal Investors and Apollo Global Management, which were both separate winners within the last 10 days on Project Finn and Project Poseidon, respectively.
Project Arch is comprised of loans extended to five borrowers with the bulk of value and assets owned by property developers Jerry O’Reilly and Terry Sweeney as well as investor Ronan O’Caoimh.
This is the third NPL win in a month for Deutsche Bank after beating Angelo Gordon, Oaktree and Marathon to buy NAMA’s Project Maeve for €97m, secured by property developer Gerry Barrett’s assets.
Last week, a separate Deutsche Bank team acquired the commercial real estate tranche of Ulster Bank’s final major Irish NPL portfolio, Project Finn.
Project Arch is comprised of 77 properties, of which 72 are in Ireland while three assets are in the UK and two are in the US.
The majority of value in Project Arch is derived from the assets securing loans to O’Reilly, Sweeney and O’Caoimh.
O’Reilly’s loans are secured by arguably Project Arch’s most coveted asset – the four-star Radisson Blu Hotel