Business Irish

Thursday 2 October 2014

NAMA set to sell-off property loans worth over €300m as demand rises

Ailish O'Hora

Published 19/03/2014 | 10:51

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NAMA chairman Frank Daly

THE country's bad bank - the National Asset Management Agency (NAMA) - is set to sell-off property loans worth over €300m as demand rises.

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The asset sale known as Project Spring and linked to developer Gerry Conlan, will be sold at a discount, news agency Bloomberg has reported.

In February, the bank said it would sell property portfolios worth €250m or more every quarter of this year.

These assets include hotels, offices, apartments in Ireland and the UK.

The assets for sale that are linked to Conlan will not include the Mount Carmel hospital, it is understood.

NAMA was established in 2009 by the government to take over €74bn of risky commercial property loans held by the banks that are being sold over ten years.

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