I wonder if NAMA will end up owning these loans.
Did they buy everything at peak? I would say they probably have negative net wealth.
More peak purchasing…
From March 2007
Anyone know who was financing this? Please let it be an Icelandic bank.
From Vico’s own website
All of their purchases seem to be from 2005 onwards. Savvy.
Wo-hoo a record!!
We’re number one! We’re number one!
You’ll neeeevvvver beat the Irriisshh!!
“Dedication, dedication, dedication,
That’s what you need,
If you wanna be the best,
If you wanna beat the rest,
Dedication’s what you need,
If you wanna be a record breaker”
Child in audience: Dear Norris and Ross, who are the dumbest investors in the world?
Norris: That would be a bit of a toss up between the Icelanders and the Irish, wouldn’t it Ross?
Ross: [dead, makes no reply]
very good YM. Brings back memories. Roy Castle is dead too of course
Finalists for the Irish Property Awards 2008 -> independent.ie/business/comm … 44064.html
Backed by Anglo and Lehman. Those two banks wouldn’t have let Mr O’Donnell do anything stupid.
OK we know offices were selling well back in 2006, but surely paying 252m yoyos for a lock should have alerted someone that things were getting a bit overheated, no??
Or is this just more of the Indo’s dodgy reporting?
At least they have gilt edged tenants for that one! Wonder what the yield is?
DIFA sold the building for £143 million in 2005 and Vico Capital (or the mark) bought it for £170 million a year later.
That would be the question, alright.
15 Westferry is nominally let to Morgan Stanley but they have sublet it to the Tube !
Yield? Yields were sooo yesterday’s news when these deals were signed.
If the past five years have taught me anything it is that property investors are the dumbest fucks on the planet.
It is the only market where ‘investors’ win awards for overpaying for an asset.
A solicitor who is bankrupt faces getting struck off right , accountants too. Anyone know what law this is covered by ?
Difference is that US let Lehmans collapse. That’s what is supposed to happen to fuckwits.
While the geniuses here are still pouring our money into Anglo.
It does beg the question, how many other of our property moguls have loans encumbered to other banks? What happens when those other banks start doing an ACC on the underlying assets?
Will we (NAMA) be paying them all off to get clear title on our money pits?
Will there be firesales anyway, so the overpayment of NAMA will achieve precisely nothing for us?