Property debt specialist Cairn Capital has been appointed financial adviser to Opera Finance, a securitised vehicle comprising some €375 million in loans originally used by the Treasury Holdings-controlled Real Estate Opportunities to purchase a portfolio of commercial properties.

Eurohypo, which services the Opera Finance bonds, announced the appointment to the stock exchange yesterday, asking unknown noteholders to identify themselves and sit down in negotiations aimed at restructuring the loans ahead of their maturity in January 2013.

A spokesman for Treasury Holdings, which manages the portfolio on behalf of REO, said the loan continued to perform and was serviced by a strong income flow from blue-chip tenants.

Opera Finance contains five tranches of commercial mortgage-backed securities relating to 16 mostly Dublin-based properties, which are almost fully occupied. These include the KPMG building on Stephen’s Green, the Stillorgan Shopping Centre, the Docklands headquarters for Mason Hayes and Curran and the Bank of Ireland Asset Management building on Mespil Road.