Nama to sell hotels, shops and homes
Published 18/04/2015 | 02:30
The National Asset Management Agency is selling property loans with a face value of €785m linked to land in Drogheda and Galway, a source told Bloomberg.
The agency has hired Cushman & Wakefield to conduct the sale of the loan portfolio, known as Project Maeve, which were mostly used to buy hotels, stores and homes in Drogheda and Galway, the source added. Cushman & Wakefield is an international property services firm that it is itself up for sale. The 'Wall Street Journal' said this month it may sell for $2bn.
Nama and Cushman & Wakefield declined to comment on Project Maeve.
While Nama is a state-owned agency using tax payer's money, it often conducts sales out of the public eye and fails to inform the public about the plans.
European banks and asset managers will sell as much as €70bn of property-related debt and foreclosed assets this year as they continue to repair their balance sheets, Cushman & Wakefield said last week. NAMA and Italian lenders will drive the sales.
Nama is believed to be preparing to sell loans worth €8bn by the middle of next year.
The loans are related to about 500 debtors and involve various commercial and residential properties.
The individual loans all have a face value of less than €75m.