Morgan Stanley (MS) bought a portfolio of loans backed by
properties and development projects in London and Manchester, England, from
Ireland’s National Asset Management Agency for an undisclosed sum.
“We’re pleased to be at the forefront in acquiring loan
portfolios from NAMA and we look forward to generating value for our
investors,” Brian Niles, European head of Morgan Stanley Real Estate Investing,
said in an e-mailed statement.
Morgan Stanley, based in New York, acquired the loans for
about 65 million pounds ($103 million), or a 70 percent discount, Property Week
reported in November. The trade magazine said that West Properties, the company
run by Donal Mulryan, will continue to manage the real estate for Morgan
Stanley.
The Saturn portfolio consists of about 220 million pounds of
loans to West Properties. The debt was acquired by NAMA, which was established
to purge Ireland’s banks of 74.2 billion euros ($98.3 billion) of troubled
commercial real-estate loans.
Morgan Stanley spokesman Hugh Fraser declined to comment and
Mulryan wasn’t immediately available.
To contact the reporter on this story: Simon Packard in
London at packard@bloomberg.net
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