“Royal Bank of Scotland Plc’s Irish unit offered to sell properties, including 640 apartments and a hotel, for about 70 percent less than their value at the market’s 2007 peak, according to the broker managing the sale.
The Gemini portfolio, containing buildings in the Irish cities of Dublin and Cork, has an asking price of 75 million euros ($97 million), according to Domhnaill O’Sullivan, a director at Savills Plc (SVS)’s Dublin office. The London-based broker is selling the real estate, which also includes stores, on behalf of receivers KPMG and Grant Thornton Ltd.
The property crash and a lack of mortgage financing caused the number of Irish households in rented accommodation to increase by almost 50 percent in the five years through April 2011, the country’s Central Statistics Office said in a report in August. That’s attracting private-equity firms that are looking to buy as many as 3,000 apartments at a time, Brendan McDonagh, chief executive officer of Ireland’s bad bank, the National Asset Management Agency, said in April.”
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