Wednesday 16 January 2019

Anglo will sell off €7bn US properties

A FIRESALE of Anglo Irish Bank's entire $10bn (€7bn) US property portfolio could begin as early as this month.

The sale would be one of the largest portfolios of commercial property to be up for grabs on the market in years.

The Government has been putting pressure on Anglo to dispose of the loans it has outside Ireland.

Anglo is expected to sell the assets at a snip -- which will draw a huge amount of interest from investors.

Some of the key properties include the Mandarin Oriental hotel in Boston as well as loans on the Apthorp condominium conversion project in New York and the Palmer House Hilton in Chicago.

Anglo Irish's real-estate advisor, Eastdil Secured, has recommended that the bank sell its US assets in one fell swoop and divide the mortgages into multiple pools.

The report in the Wall Street Journal said that the bank appears likely to approve the strategy later this month.

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