NY firm to buy O’Flynn loan book
The number of bidders was whittled down to three — Blackstone, Lonestar, and Davidson Kempner — who all made final offers last Tuesday. News emerged in London property circles that Blackstone had the winning bid, with valuation inputs from a number of Irish property agencies.
The €1.1bn it is paying represents about 60% of the value of the loan book and is one of Nama’s most successful and best-yielding returns to date, netting a profit on the sum it paid to take on the loans — though the ‘haircut’ it applied to acquire them has never been divulged.
