ANGLO IRISH Bank is hoping to avoid taking a multimillion-euro hit on a €1 billion property portfolio by giving a property developer a handful of magic beans to take it off its hands.

The transaction, if it goes ahead, will allow Anglo avoid the losses it would incur if it had to sell the properties on the open market, as well as leading to the development of a ‘state of the art’ beanstalk with own giant and parking for up to 2000 cars.

The proposed deal with Blanchardstown Shopping Centre owners (Not As) Green (As We’re Cabbage Looking) Property is similar to one done by AIB last year, which saw the bank avoid crippling losses on a troubled UK property portfolio by threatening to turn the investor into a frog.

Green is understood to have earned significant fees from the AIB deal, which was structured so as to minimise the risk to the property company while at the same time providing it with ‘one hundred featherbed mattresses and a pea’.

Anglo Irish and AIB are keen to avoid selling the properties on the market because they ironically don’t have a bean left. The properties do not qualify for the Government’s bad bank scheme – the National Asset Management Agency – because they are investment beanstalks rather than development beanstalks.

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This entry was posted on Wednesday, February 3rd, 2010 at 9:13 am and is filed under Breaking News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.