Checkpoint Charlie is set to leave NAMA

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NAMA is reported to be close to selling loans on its books linked to the famous Checkpoint Charlie Cold War interchange in Berlin - it is reported that the deal would generate a €58m profit.

The debt attached to the site on the city’s Friedrichstrasse, now more familiar for its tourist shops and fast food outlets, was bought by the Mayo developers, brothers Michael and Cathal Cannon for some €30m in 2007.

Ownership of the site has been disputed, and the Mayo men never acquired outright ownership. 

In 2012 the Irish pair opened a temporary Cold War exhibit on the site.

They had planned to develop more than 100,000 sq metres of office and retail on the site, but their debts with AIB, ultimately ended up in NAMA.

The brothers have been accused by local politicians of disrespecting the historic site and contributing to the area becoming over-run by bars and fast food restaurants.

NAMA understood to have sold the debts to Trockland Management, a German development company.

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