The loans are linked to properties built by Irish developer Michael O'Flynn and his companies, reports Bloomberg. The discount rate to their face value is not known. The loans currently reside on the books of Ireland's National Asset Management Agency (NAMA), which was set up in 2009 to take over €74B of troubled commercial loans held by the country's banks and sell them over the next decade.
Sales have been slow, but are picking up as Europe shows slight signs of emerging from its slump. Blackstone (BX) last month said it raised $7B for Europe's largest-ever real estate fund.