London's "Three Kings" Hotel Deal

Monday, October 03, 2011

NAMA, Ireland's National Asset Management Agency, has finalised its largest property transaction to date.

NAMA, Ireland's National Asset Management Agency, has finalised its largest property transaction to date, after finalising an £800m deal to transfer ownership of a company that controls London's Claridge's, Connaught and the Berkeley hotels to the Barclay Brothers, according to news agency Costar.

In a statement, NAMA said that it had sold the loans for in excess of 800m Euros to a company controlled by David and Frederick Barclay.

The loans had been provided by two Irish banks to fund the acquisition of the hotels in 2005, and were taken on by NAMA in June 2010, along with many others.

The properties were originally owned by Derek Quinlan and a syndicate of investors and have been a constant "story" ever since.

Source: ask-re The Property People LLP