70+ pubs in loan portfolio purchase

A portfolio comprising loans relating to over 70 pubs, 36 hotels and 23 commercial units as well as well as 49 residential units, 56 development and agricultural sites and a nursing home has been sold by Ulster Bank to Sankaty Advisers, a US-based affiliate of the Bain Capital investment group.

The price paid for the ‘Project Coney’ portfolio is not being disclosed and according to an Irish Times report, it would have been at a substantial discount to the outstanding balance of €465 million on the loans.

The properties have a market value of €187 million today with the Dublin properties accounting for about 40% of the market value of the loans.