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Real Estate Opportunities
plc (‘REO’ or the ‘Company’), the real estate investment and development group
active in the UK and Ireland and listed in London, Dublin and The Channel
Islands,
today announces that,
in line with all larger borrowers of
property related loans from participating Irish banking institutions, it has received formal notification from the
National Asset Management Agency (“NAMA”) in Ireland that it is now acquiring
certain of these loans. These loans are from Allied Irish Bank, Anglo Irish
Bank, Bank of Ireland, and Irish Nationwide and amount to €896 million of a total of €1.49 billion of
the Company’s outstanding bonds and loans.
The Company’s obligations in relation to these
loans will now be owed to NAMA, and not to the banking institutions.
Chairman
of the Company, Ray Horney said; “
We
are pleased with the statement today from the Irish Minister for Finance
regarding NAMA, which outlines definitive action to return strength and
stability to the Irish banking sector and the consequent positive effects on
the Irish economy. The actions will mark the end to a period of uncertainty
within the Irish property sector, with the recapitalisation of the banks restoring
credit and liquidity to the market. We are now engaging in discussions with
NAMA, and look forward to continuing to work together as we seek to maximise
the value of our high quality portfolio of assets.” |
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