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Thread: Why is Anglo selling 1Bn of Commercial Property to Stephen Vernon pre-NAMA?

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    Politics.ie Member MsAnneThrope's Avatar
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    Default Why is Anglo selling 1Bn of Commercial Property to Stephen Vernon pre-NAMA?

    Sunday Tribune October 4th: Green to snap up 1bn in Anglo property

    Green Property, which owns the Blanchardstown shopping centre, is in advanced talks to acquire about 1bn worth of property from nationalised Anglo Irish Bank.

    The company, which is owned by industry veteran Stephen Vernon, its management and Bank of Scotland, is expected to acquire the vast majority of investment properties owned by Anglo, most of which were originally earmarked for syndication to private clients of the bank. When the property market collapsed Anglo was left holding on to the assets.

    It is not clear what sort of loss Anglo will make on the properties, many of which were purchased at the top of the market. [...]

    It will be Green's second major portfolio purchase this year. In March it acquired a portfolio of British properties after AIB seized them back from Greek businessman Achilleas Kallakis, who is under investigation by the Serious Fraud Office (SFO) and City of London police for alleged fraud against the bank, and sold them on to Green.

    AIB supplied 750m of debt to Green to facilitate the purchase. [...]

    The government is expected a long term plan from Anglo by November.

    It is understood this plan must deal with the sale of property assets that were originally purchased by Anglo for their private clients. During meetings with Anglo staff department [of Finance] officials have impressed upon the bank that excess assets must be sold, even if they return a price well below their original cost.
    Could someone kindly explain what exactly is happening here, and why? Whatever happened to the much touted 'Long Term Economic Value' and the perils of selling substantial amounts of property at knockdown prices, especially as Anglo will be the one left short?
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    It is €1bn worth of property,but what is it being sold for??

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    Politics.ie Member Akrasia's Avatar
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    Is it being bought with cash? Or are Anglo lending them the money to 'buy' the assets?
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    Politics.ie Member MsAnneThrope's Avatar
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    I know NAMA is designed to take over 'bad loans' and not property directly. But if the whole NAMA concept is being built on a recovery down the road in property prices, why is nationalised Anglo offloading commercial property now at prices that will certainly realise substantial losses, given that many were "purchased at top of the market"?

    And is NAMA going to take over any other Vernon/Green loans that may not be performing, allowing and affording them time to snap up other properties at knockdown prices in the meantime, then sitting on them hoping they appreciate in value?

    I have no idea how the deal is being financed but it's a limited pool of lenders here.
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    http://www.politics.ie/economy/78335...-investor.html

    AIB lost 56 Million in relation to portfolio Green took over previously and funnily enough my last comment on the thread was AIB would get their money back some way.

    In the Anglo case if they can sell it then best sell it and take what you can as transfer risk to someone else and you have the cash.

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    Why did Brian Lenihan meet Stephen Vernon on January 30, 2009?

    Gavin's Blog Some questions for Mr Lenihan

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    Quote Originally Posted by gavinsblog View Post
    Why did Brian Lenihan meet Stephen Vernon on January 30, 2009?

    Gavin's Blog Some questions for Mr Lenihan
    Why shouldn't he ?

    WTF cares.

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    I do.

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    Quote Originally Posted by gavinsblog View Post
    I do.
    +1 very much.



    By the way gavinsblog well done for your work on expenses.
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    Quote Originally Posted by gavinsblog View Post
    I do.
    then stand for election

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