Ulster bank has Cosgrave loans up for sale

Terms have been agreed to sell the nearly €400m worth of loans tied to the Cosgrave Property Group by Ulster Bank.

The bank is continuing it’s disposal of Irish assets and is now selling the loans which are worth €370m against companies controlled by the Cosgrave brothers.

Davidson Kempner the US private equity firm has won the portfolio, which makes up the €715m Project Button of Ulster Bank property assets.

The project portfolio includes loans taken out by Romford Luxembourg Holdings, which owns the 1.1m sq ft Liberty Shopping Centre in Romford.

Bought from Hammerson in August 2006 for €345 the project is now estimated to be worth just under £200m.

While this is Davidson Kempner’s first deal in Ireland the company has stated in the past that it has been actively seeking deals in Ireland.