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Ulster Bank set to sell £362m loans portfolio

By Michael Cogley

Published 08/12/2015

Cairn chief executive Michael Stanley said that the sale was one of his firm’s “key strategic targets”.
Cairn chief executive Michael Stanley said that the sale was one of his firm’s “key strategic targets”.

House-builder Cairn Homes and private equity giant Lone Star are set to buy Dublin-based loans portfolio Project Clear in a deal worth €503m (£362m).

The loans portfolio, which is being sold by Ulster Bank, is segregated into three areas, with each area consisting of so-called “landmark” sites.

The first consists of Adamstown, a large landbank in west Dublin, where some 7,000 homes can be built.

The other key assets in the portfolio are a nine-acre site at Cross Avenue in Blackrock as well as an 80-acre site in Portmarnock.

Cairn Homes will pay €378m (£272m) for its share in the portfolio which would leave Lone Star paying the remaining €125m (£90m) — about a quarter of the portfolio.

Cairn chief executive Michael Stanley said that the sale was one of his firm’s “key strategic targets”.

“This transaction will unlock the most significant land bank available in Ireland.”

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