Quite a good deal for UK's Comer Group, which reportedly acquired the partially built Kilternan Hotel & Country Club in south Dublin for a staggering 96 percent less than its orgiginal value.
The new owners are believed to have paid about €7 million for the complex, which Irish Nationwide spent €171.5 million on before the collapse of the property market, reports The Irish Times
The Tmes goes on to write that the 96-percent writedown in value is "easily the largest recorded for a substantial investment since the property and banking crisis began."
Marcus Magnier of agents Colliers International, who handled the sale, said yesterday the general consensus among investors who viewed the unfinished buildings was that it would take an additional €20 million to complete the project.