US firms in for latest Nama portfolio sales
Published 06/05/2016 | 02:30
A string of US investment firms have made it through the first round of bidding for Nama's latest loan portfolios for sale.
Texas-located Lone Star and California-based Oaktree Capital have both progressed to the second round of bidding for Projects Emerald and Ruby. The loans have a par value of €4.7bn but are likely to sell for a fraction of that.
Another firm known to have bids is Cerberus Capital, while CarVal is believed to have made an offer with Goldman Sachs and Deutsche Bank.
The two portfolios contain loans tied to apartments, as well as commercial property, development land and hotels.
Project Emerald is made up of loans with a par value of €2.5bn from 16 borrowers. Those loans are secured against 236 properties.
While most of the loans in Project Emerald are related to commercial property, more than a fifth of the underlying properties are residential.
By value, just over a fifth of the properties are in Dublin, while about half are in the rest of Ireland. The remainder are located in Europe.
Project Ruby involves loans that have a face value of €2.2bn tied to 15 borrowers. The debts are secured against 253 properties. Just over 11pc of the portfolio is residential, with the vast majority of the portfolio being made up of commercial properties. More than 97pc of the properties are in Ireland.
Cushman & Wakefield is running the sale process.