IFLR1000

Project Clear - Lone Star/Cairn Homes €503 million acquisition of Ulster Bank loan portfolio

7/12/2015
Loan portfolio sale
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€ 503 million

$ 540.677 million

Announced

7/12/2015

Overview:

  • Lone Star Funds and Cairn Homes have acquired the Project Clear loan portfolio from Ulster Bank for €503 million.
  • The loan portfolio is valued at around €2 billion and is linked to 1,694 acres of land in Dublin, which includes 31 residential development sites.
  • Cairn Homes intends to build 14,000 new houses on the sites.

Sam Duke - Editor

Jurisdiction:

Ireland

Deal type:

Loan portfolio sale

Practice areas:

Banking
M&A

Industry sector:

Banking

Firms:
A&L Goodbody

Party: Royal Bank of Scotland (RBS) (Seller)

Party: Ulster Bank (Seller)

Lawyers: Richard Grey, Séamus Ó'Cróinín

Eversheds Sutherland

Party: Cairn Homes (Acquirer)

Mason Hayes & Curran

Party: Lone Star Funds (Acquirer)

Lawyer: Neil Campbell

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