Bank of Ireland Group plc Reportedly in Talks on Sale of Loan on London Building
January 10, 2024 at 11:49 pm EST
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Bank of Ireland Group plc (ISE:BIRG) is reportedly selling a £104 million (EUR 120.9 million) loan granted to a Korean financial house six years ago to buy a landmark City of London building, after the investor struggled to refinance the facility amid a drop in the building s value and concerns about the outlook for its main tenant WeWork. Seoul-based Hanna Financial Group acquired the building, No 1 Poultry, which is opposite the Bank of England in the heart of the London financial district, in 2018 for £182 million (EUR 211.6 million). Fellow Korean financial firm Daishin Securities Co.,Ltd (KOSE:A003540) provided a junior loan against the property in 2021.
Bloomberg reported on Jan. 10, 2024 that Daishin is in talks to buy the senior Bank of Ireland facility in a defensive move designed to protect its own investment in the junior facility. This would buy Hanna time to find a solution for the property and prevent Daishin's junior loan from potentially being wiped out by a distressed sale triggered by Bank of Ireland.
A Daishin spokesman confirmed the negotiations but declined to comment on the price. A spokesman for Bank of Ireland declined to comment on the report.
DAISHIN SECURITIES CO.,LTD is a Korea-based company specialized in the financial investment business. The Company is engaged in the securities dealing, brokerage and underwriting businesses, covering corporate bonds, government bonds, options, foreign exchanges, initial public offerings (IPOs), exchange traded funds, cash management accounts (CMAs), equity linked securities (ELSs), fund wrap accounts, investment strategy consulting and bond analysis services, among others. It also provides smart banking services. In addition, through its subsidiaries, it engages in the saving bank, asset management, economic research and other businesses.
DAISHIN SECURITIES CO.,LTD 
