NAMA names Cerberus as preferred bidder for multi-billion 'Project Arrow' loans
The US investment fund that controversially bought NAMA’s massive Northern Ireland portfolio has now bought its biggest ever block of Irish loans.
US investment fund Cerberus Capital Management has been named as the preferred bidder for the €6.25bn Project Arrow portfolio of mainly soured loans.
The sale to Cerberus is likely to revive the controversy sparked after Cerberus won the Project Eagle portfolio of Northern Ireland assets last year.
The 'Project Eagle' deal - the biggest single sale by Nama to date - has been heavily criticised and is under investigation in the US and UK amid allegations of financial impropriety.
There is no suggestion of wrongdoing by either NAMA or Cerebrus.
Project Arrow is made up of 1,532 loans attached to 367 separate borrowers and are likely to be sold at a sharp discount.
More than a third of the properties are in receivership, while 96pc of the total properties to which the loans in the portfolio are attached are in Ireland. Only 3pc are in the UK.