Monday 20 October 2014

NAMA selling Northern Ireland loan portfolio in biggest ever deal

Biggest ever asset sale by State-owned NAMA

Published 04/04/2014 | 10:11

COSTS: Brendan McDonagh, Nama chief executive, and Frank Daly, Nama chairman. Photo: Colm Mahady/Fennells

NAMA had agreed the sale of its entire holding of Northern Ireland property loans.

US investor  Cerberus Capital Management will buy the assets, which have a face value of £4.5bn (€5.4bn).

It is the biggest ever sale by state owned NAMA.

The price agreed has not been revealed.

The portfolio dubbed Project Eagle consists of loans made to Northern Ireland-based debtors but is secured by assets in Northern Ireland, the Republic, Great Britain and other European locations.

Commenting on the transaction, NAMA chief executive Brendan McDonagh, said:

“This transaction represents a significant achievement for NAMA.

"It is NAMA’s biggest single transaction to date and we are satisfied that the sales process will deliver the best possible result for the Irish taxpayer.

"NAMA management of this portfolio has been measured and supportive taking into consideration the particular circumstances in the Northern Ireland economy. We are assured by Cerberus that they will adopt a similar approach."

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