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The Elysian Tower in Cork. Wikimedia Commons

NAMA sells loan for Ireland's tallest building

The loans for the Elysian Tower, along with a number of other properties in Ireland, the UK and Germany, were sold yesterday to Blackstone Real Estate.

THE NATIONAL ASSETS Management Agency has sold a portfolio of loans worth €1.8 billion which includes the tallest building in the Republic – the Elysian Tower in Cork.

NAMA made the announcement yesterday that the ‘Project Tower’ loan portfolio was sold to Blackstone Real Estate Partners Europe. This portfolio relates to loans secured on assets under the control of the O’Flynn Group construction company.

They are located mainly in Ireland, the UK and Germany.

NAMA said it would not disclose the terms of the deal as they were “commercially sensitive”.

However CoStar Finance reported last month that Blackstone was paying €1.1 billion for the portfolio.

Editor at the finance blog, James Wallace, said the original portfolio was made up of three sub-pools which include:

  • a €266m performing pool secured by a UK-led student accommodation portfolio, comprised of 11 assets in the UK and one each in Germany and Spain. The loans mature in March 2018;
  • a €540m sub and performing pool secured by 23 UK investment properties, five UK development schemes and six German investment properties. The majority of the loans mature in March 2018, while a smaller pool of underwater UK-secured loans mature between March 2014 and March 2016;
  • a €1.02bn sub and non-performing 21 investment properties, 67 residential and commercial developments and 27 landbanks throughout Ireland.

Commenting on the sale yesterday, NAMA Chief Executive Brendan McDonagh said it provides “further evidence of the current and continued strong investor appetite for real estate assets and property-related loans in Ireland and in other jurisdictions to which NAMA has a significant exposure”.

Read: Here’s the most complete breakdown of NAMA loans you’ll see today>

Read: NAMA pledges €5m for Moore Street site but dispute remains over 1916 plans>

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96 Comments
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    Mute Ruairí O'Mahony
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    Aug 19th 2012, 7:58 PM

    62?? Fair balls!

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    Mute Cian O Riordan
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    Aug 19th 2012, 8:01 PM

    Brave woman. Good luck to her

    351
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    Mute mart_n
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    Aug 19th 2012, 8:10 PM

    The first person to attempt it without a shark cage? How many eejits have attempted it while inside a shark cage?!

    337
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    Mute feargalgarvin
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    Aug 19th 2012, 9:24 PM

    Not having to drag a shark cage along with you can only make it easier

    192
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    Mute Joan Featherstone
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    Aug 19th 2012, 8:06 PM

    Wow, we’ll done missey!

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    Mute nicola burke
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    Aug 19th 2012, 8:33 PM

    Why is it necessary to do s**t like this???

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    Mute Jim McGourty
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    Aug 19th 2012, 8:45 PM

    Because we can.

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    Mute alan
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    Aug 19th 2012, 9:51 PM

    i was thinking of being the first person to attemtp to walk to the pole without pat falvey butting in

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    Mute reds
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    Aug 19th 2012, 11:26 PM

    An adrenaline rush and to achieve something others may not.

    Courage and motivation! Why not?

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    Mute Tomy Iona
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    Aug 20th 2012, 12:23 AM

    It’s not necessary but then neither are the Olympics, silicon chips, space exploration, the huble telescope, climbing everest, finding the americas, bungee jumping, tiddlywinks, snow sports, watersports, comedians…….

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    Mute Seán Ó Briain
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    Aug 20th 2012, 1:34 AM

    I think it’s a symbol of goodwill between Cuba and the US – to try and improve relations.

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    Mute Klaus Flouride
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    Aug 20th 2012, 2:57 AM

    Tomy, you can’t lump things that were done to improve quality of life or further the species like silicon chips, space exploration or Accidentally coming across the America’s in with tiddlywinks, bungee jumping and swimming from Cuba to Florida so everyone thinks your great. That’s a silly argument. Still anytime anyone seeks to achieve something out of the ordinary they should get they’re due praise.

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    Mute Tomy Iona
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    Aug 20th 2012, 11:20 AM

    @Klaus – I think you missed the point I was trying to make. My point is that it’s horses for courses in terms of what people enjoy in life. For some it’s a personal challenge which can involve risk, for others it’s doing something for enjoyment.

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    Mute Michele Kealy
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    Aug 19th 2012, 8:39 PM

    its a risk …fair play to her ..shes trainned long and hard for it so let her off…

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    Mute Geraldine O Brien
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    Aug 19th 2012, 8:15 PM

    Ha ha ha good comment Mart_n :)

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    Mute Emerald Phoenix
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    Aug 19th 2012, 9:46 PM

    Its great to think I have 27 good years left in me yet! Fair play to this lady pushing the boundaries of human endurance and achievement

    60
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    Mute Paul Mc Namara
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    Aug 19th 2012, 9:42 PM

    Why what does it prove ….;:,::…;:.
    Sweet f!!! All ……
    Putting herself and Helpers at risk for what ??? ( please all know gooders don’t reply telling me why ) …….
    I don’t want to hear it , and your time and effort would be wasted ……

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    Mute Emerald Phoenix
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    Aug 19th 2012, 9:48 PM

    Misery bags…….

    92
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    Mute Ruairí O'Mahony
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    Aug 19th 2012, 9:56 PM

    Just like you wasted your time and effort, eh? Ha ha!

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    Mute Vinny Healy
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    Aug 19th 2012, 10:06 PM

    At least your honest Paul fair play to ya

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    Mute reds
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    Aug 19th 2012, 11:29 PM

    At least her time and effort is better spent on achieving something rather than sounding as miserable as you Paul

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    Mute Creamy Hamstrings
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    Aug 19th 2012, 9:40 PM

    Answer me this, how would one swim 166k inside a shark cage?!

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    Mute Cian Doherty
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    Aug 19th 2012, 8:55 PM

    It’s tough to think Cubans still have to brave that journey to escape the oppressive communist regime down there. Shocking.

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    Mute LittleSparrowC
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    Aug 19th 2012, 9:07 PM

    Jawses she’s a brave woman

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    Mute Nellysroom
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    Aug 19th 2012, 9:42 PM

    She’s a tough woman,I wouldn’t want to mess with her if i was a shark.

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    Mute Conor Heffernan
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    Aug 19th 2012, 10:03 PM

    put yourself in the sharks shoes, he’d be badly stuck if he had to tear into a 62yr old woman!!!!

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    Mute P Wurple
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    Aug 19th 2012, 10:25 PM

    That protective ointment better be good stuff!

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    Mute Paul Mc Namara
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    Aug 19th 2012, 10:39 PM

    Ref : ruairi : at least I have a point of view , sad that all you can do is knock people’s views that u disagree with rather than put up a defence for the argument … Shows a lack of intelligence….

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    Mute Stacks
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    Aug 19th 2012, 11:31 PM

    Why should he bother putting up a defence? You said you didn’t want to hear it and it would be a waste of effort.

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    Mute reds
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    Aug 19th 2012, 11:32 PM

    So it’s better to knock peoples efforts and achievements than knocking your views?

    Maybe you should reconsider the grammar in each of your comments before you question anyone else’s intelligence.

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    Mute Ruairí O'Mahony
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    Aug 19th 2012, 11:48 PM

    Ha ha. You are laughable. :D. Ha ha.

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    Mute Philip Murphy
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    Aug 19th 2012, 11:59 PM

    Paul your first comment, while ignorant, was at least kind of cool. This though makes you look like a contradictory clown!

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    Mute Klaus Flouride
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    Aug 20th 2012, 6:32 AM

    Reds if you have to resort to knocking his grammar then your not really discussing your ideas your gettin personal.

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    Mute reds
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    Aug 20th 2012, 7:21 AM

    Yes klaus, my questioning his grammar was in response to his questioning of someone else’s intelligence.

    Kind of ironic considering his comments and the fact that he contradicts himself.

    His opinions are his personal ones and my response is my opinion of the basis of his comments and the intellect that backs that up.

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    Mute Marty Donaghy
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    Aug 20th 2012, 12:37 PM

    Your not making a point or arguement either by the way. its shows your lack of involvement with acheivement when a person can swim 166km in open water. U dont have to agree if it is a smart idea but she is prepared, has trained staff and experts to help.

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    Mute fizi_water
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    Aug 20th 2012, 12:12 AM

    Ok so she is dragging 10 boats with her of shark experts, paparazzi and others, then she has jelly fish protective suit and ointments, then some magnetic or whatever wave to deter the sharks… so what is the whole point of all that. She might have stuck to swimming pool and try that 160 km distance in whatever hundreds of lenghts of swimming pool that is and stop pretending hardcore survival record. Put her into english channel and see if she is that tough.

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    Mute Peter Houlihan
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    Aug 20th 2012, 11:06 AM

    “divers are on hand to enter the water if she is approached or attacked in an effort to lure the sharks away.”

    Wow… job description: Human shark-bait. Any takers?

    5
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    Mute Frank2521
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    Aug 20th 2012, 12:14 AM

    Our politicians invented the ointment. One of them is probably selling it – it’s called Lavery Oil.

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    Mute Eddie Munster
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    Aug 20th 2012, 2:51 PM

    Paul ya fool of a thing

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    Mute Paul Mc Namara
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    Aug 20th 2012, 3:09 PM

    Open your eyes

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    Mute reds
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    Aug 20th 2012, 10:18 PM

    Lol!

    Fudging hell Paul, your stupidness cracks me up!

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    Mute Jim Lynch
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    Aug 20th 2012, 12:26 PM

    So what would you do to win the lotto…

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    Mute @fergalAnthony
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    Aug 20th 2012, 2:13 PM

    So she wasn’t really unaided then was she!

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