O’Flynn Group secures deal for London student residence
O’Flynn Group, the construction business owned by Cork developer Michael O’Flynn, has secured an investment from a US private equity firm to develop a 435-bed student residence near Wembley Stadium in London.
This is one of the first deals concluded by a developer whose existing loans at the Irish banks are moving to the National Asset Management Agency (Nama). O’Flynn is among the 10 biggest borrowers moving in the first wave of loan transfers.
New York-based Westbrook Partners, which has invested $10 billion (€7.3 billion) of equity in property deals globally, is providing the equity for the project, while Royal Bank of Scotland (RBS), the part-nationalised UK lender, is financing the development which the group values at £50 million (€57 million) …