Monday 26 September 2016

Family homes in Nama €5bn vulture fund sale

Published 16/03/2016 | 02:30

The residential properties in the mammoth sale are understood to include apartment blocks, mostly located around Dublin.
The residential properties in the mammoth sale are understood to include apartment blocks, mostly located around Dublin.

Thousands of homes will be included in a massive Nama sell-off of property loans worth nearly €5bn.

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A host of international funds are set to swoop for the two portfolios of loans, which have a face value of €4.7bn.

The residential properties in the mammoth sale are understood to include apartment blocks, mostly around Dublin.

It comes amid allegations that tenants have been forced out of their housing estate in Dublin following an overseas investor buying loans tied to their homes,

Nama formally kicked off the sale process of the portfolios yesterday only days after tenants in Tyrellstown, west Dublin, were informed their leases would not be renewed.

The loans tied to the properties in Tyrellstown have been bought by a company controlled by the US investment bank Goldman Sachs.

Goldman Sachs is not believed to have played any role in the Tyrellstown controversy, and those loans were not sold by Nama. But the row in Tyrellstown comes at the worst possible time for Nama, as it seeks to complete one of its biggest loan sales to date.

Nama is mandated by law to achieve the best price available for its assets. But while the loans have a par value of €4.7bn, they will be sold for significantly less than that.

Irish Independent

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