Jersey-registered Real Estate Opportunities has announced that the Irish bad bank scheme Nama is acquiring 60% of its outstanding debt from Irish lenders.
Nama is purchasing the loans from Allied Irish Bank, Anglo Irish Bank, Bank of Ireland, and Irish Nationwide. The loans amount to EUR 896 mln of a total of EUR 1.49 bn of REO's outstanding bonds and loans.
REO said in a stock exchange filing on Wednesday that 'in line with all larger borrowers of property-related loans from participating Irish banking institutions', it had received notification from Nama of the acquisition of the loans.
The company's obligations in relation to these loans will now be owed to Nama, and not to the banking institutions, the statement said.
REO is listed in London, Dublin and The Channel Islands. The firm is a real estate investment and development group active in the UK and Ireland. It reported in June last year that its total property portfolio value was £1.6 bn (then about EUR 1.9 bn), a decrease of about 15% on the value at end-December 2008.
Earlier in March REO appointed property adviser Cushman & Wakefield to lead the search for funding for its major redevelopment scheme at Battersea Power Station in London. Cushman & Wakefield is sounding out investors in Europe, the US and Asia Pacific.
Click on the link below to read 'Nama to acquire EUR 16b of toxic debt at 47% discount' | 
.jpg)
