Bank of Ireland buys portfolio of 1,000 mortgages
Seen & Heard: Relm to get fresh €100m in backing and Conroy launches new fund
The Airbus A380. The company has sold 371 of the double-decker planes.
Bank of Ireland, the Sunday Times reports, has bought a portfolio of more than 1,000 home mortgages from Shoreline Residential, an affiliate of the American private equity group Lone Star, for an undisclosed amount. The deal represents a further step in the bank’s strategy of growing its loan book by acquiring mortgages after they have been restructured by distressed debt specialists.Relm, the property fund launched earlier this year by former AIB bankers, is set to receive another €100 million in funbding from its main backer, US private equity fund Avenue Capital, which has over $9 billion in assets, the Sunday Business Post reports.
The former chief executive of Merrion Capital, John Conroy, has launched a €100 million health and wellness fund with a strong emphasis on tech, according to the Sunday Independent. Mr Conroy is pitching the Acton Health and Wellness Fund to family offices and institutions. According to the report several high-profile business people are involved in the project, which aims to invest in up to 16 companies.
Elsewhere, the Independent reports that property business O’Malley Homes and Development has ended its relationship with the US investment fund Cerberus after a €100 million refinancing deal. The company has had its loans refinanced by Bank of Ireland and WLR Cardinal Mezzanine Fund.
The Sunday Times also says that CRH will complete its $3.5 billion takeover of Ash Grove Cement by early next year as the US group’s shareholders approved the deal at the weekend.
According to the Sunday Telegraph, UK taxpayers face a battle to recover investment in Airbus’s superjumbo as the company seeks to renegotiate lower repayemnt bills with British officials. Airbus has sold 371 of its double-decker aircraft, which is less than expected.