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Other assets and sites include the Haymarket development in Adidas Ultra Boost 1 Edinburgh, a 200m joint office/hotel/ retail development between O'Flynn's company, Tiger Developments, and British construction firm Interserve. Construction there is under way and a deal has been agreed with a hotel operator, whose identity hasn't yet been divulged. "The value of the German and UK assets have risen since Nama took over the loans in 2010, compensating for some of the drop in value of Irish assets," said a market observer yesterday, and it's understood that just over 50% of the assets are held outside of Ireland.
expected 1bn plus, it may represent a profit on what it paid four years ago. Developer Michael O'Flynn's business (set up in 1978) was one of the Top 10 largest development loan books to go into Nama four years ago, and will be one of the first to exit. At least a dozen international investors are expected to make Tier 1 expressions of interest by March 19, with a smaller number then invited to make firm offers in a second tier of bids. There's a reported 75m in annual income and rent roll from the assets.
In Dublin, O'Flynn Construction's largest site is the former Nissan HQ on 18 acres on the Long Mile Rd on a Luas line, acquired for 115m in 2007 to accommodate 800 housing units, and it also has .
Among those said to be keen on acquiring the portfolio are Goldman Sachs, Deutsche Bank, Blackstone, Apollo, Starwood and Cerberus. Irish REITS, such as Hibernia and Green, may also Adidas Ultra Boost Olive 1.0
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t paid to acquire it or what its "haircut" was, but it's understood that if Nama now sells the loans for an Adidas Ultra Boost Flyknit
bidders to bring specific Irish market knowledge and investment to the acquisition, while O'Flynn Construction will continue to manage and develop most, if not all, of the assets. Just over half of the assets are held outside the country, including over 6,500 student accommodation beds in British company Victoria Hall, which completed a further 450 beds in Wembley, London, after securing US investment post the move to Nama.
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