US fund Oaktree snaps up Nama loans
US fund Oaktree has been shortlisted to buy a massive €4.7bn of loans from Nama.
Oaktree Capital Group has been chosen as the preferred bidder for two portfolios - dubbed Project Ruby and Project Emerald.
The price is thought to be around €800m
Project Emerald is made up of loans with a par value of €2.5bn from 16 borrowers. Those loans are secured against 236 properties. Most of the loans are related to commercial property, but more than a fifth of the underlying properties are residential.
Project Ruby involves loans that have a face value of €2.2bn tied to 15 borrowers. The debts are secured against 253 properties. Around 11pc of the portfolio is residential.