Deutsche engages with Danske Irish property portfolio
Deutsche Bank is understood to have bought a portfolio of 680 residential properties in Ireland from Danske Bank.
The sale is one of the largest portfolio sales of residential investment in Ireland. The properties have been bought as investments but owners fell behind mortgage repayments. It is therefore part of Danske’s deleveraging strategy.
Peter Hughe’s head of Danske’s non-core division commented: , “The decision to sell the properties as a portfolio reflects our decision to strategically manage down the non-core portfolio in Ireland…we’re pleased with the outcome which reflects increasing investor confidence in the property market in recent months.”
According to the Irish Central Statistics Office, residential property prices have risen by 8.5 % YOY to April 2014,
The increase has been most pronounced in Dublin, where prices of residential properties have increased by 18% YOY as of April 2014.
Deutsche Bank declined to comment.