The National Asset Management Agency (Nama) has taken a big step towards its final wind-down with the refinancing of its last two large-scale debtors.
Joe O’Reilly, the developer who built Dundrum Town Centre, has agreed a deal with lender Activate Capital and Pearl Residential Equity to finance his loans out of Nama.
Meanwhile, Stolensky, a company connected to Maurice Regan, the Kerry-born, New York-based construction magnate, has agreed to refinance the loan of Gannon Homes, owned by builder Gerry Gannon.
The state agency is likely to have banked several hundred million euros in the two transactions.
O’Reilly and Gannon have been the key pillars of Nama’s housing delivery strategy, with the state agency backing the building of thousands of homes on land purchased by the
