Deutsche snaps up €400 million Project Spring loans

Project includes loans secured on several prominent buildings in Dublin city

Deutsche Bank has agreed to buy a portfolio of €400 million worth of property loans linked to the developer Gerry Conlan from the National Asset Management Agency (Nama), three people with knowledge of the matter said.

The price paid by the German bank is unclear but the portfolio, known as Project Spring, was brought to market seeking offers in excess of €100 million. Deutsche beat off competition from CarVal Investors, Kildare Partners and Kennedy Wilson to buy the portfolio.

Project Spring includes loans secured on several prominent buildings in Dublin city, including several attractive redevelopment opportunities. It includes loans attached to an office block on Wilton Terrace near Leeson Street bridge; the Central Hotel on Exchequer Street; the Newhall Retail Park in Kildare; prime London city offices; and a development site near Brittas Bay in Wicklow.

Nick Bone, a spokesman for Deutsche Bank in London, declined to comment. Nama spokesman Ray Gordon did not respond to requests for comment. Additional reporting: Bloomberg

Mark Paul

Mark Paul

Mark Paul is London Correspondent for The Irish Times