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Blackstone buys Ireland’s tallest residential tower as part of €1.8bn loan portfolio

13 May 2014

Irish flag2Ireland’s tallest residential building has been bought by Blackstone as part of a €1.8bn portfolio of loans, it is understood.

Blackstone tapped its Real Estate Partners Europe IV fund for the deal, which includes Cork’s Elysian Tower as well as other assets in Ireland, the UK and Germany.

The portfolio was sold by Ireland’s ‘bad bank’ the National Assets Management Agency.

NAMA chief executive, Brendan McDonagh said, “We are very pleased to have completed this transaction.

“It provides further evidence of the current and continued strong investor appetite for real estate assets and property-related loans in Ireland and in other jurisdictions to which NAMA has a significant exposure.

“We are particularly pleased that the transaction has been agreed with such a reputable international counterparty as Blackstone.”

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