12 April 2016

First Project Clear asset transfers and a further site acquisition

We have just completed the first of our asset transfers under the recently acquired Project Clear loan portfolio. Three separate development sites (15% of the Project Clear portfolio) have now moved into direct asset ownership just three weeks after the end of the sub-participation period. Those sites are a one acre site in Stillorgan, Co. Dublin (formerly Blakes restaurant); an eight acre site at Cross Avenue, Blackrock, Co. Dublin; and a six acre site at Moyglare in Maynooth. In a separate transaction, we have contracted to acquire an additional site adjacent to the Moyglare site mentioned above, from York Capital, at a cost of €27 million.  The acquisition of this site, which adjoins NUI Maynooth, increases the value of the combined holding, creating the potential for a 430 unit housing development in a town with significant demand, in addition to a 500-bed student accommodation scheme.