Three investment groups have submitted bids for Nama's Project Jewel, which includes loans tied to Dundrum Town Centre as well as other retail assets.
Germany's Allianz Real Estate have submitted a bid with UK property giant Hammerson. US group Hines has bid with the Kuwait Investment Authority, while the other bidder is another US firm Colony Capital.
Colony has worked extensively with developers Johnny Ronan and Patrick McKillen in the UK and here.
The portfolio is expected to fetch more than €1.6bn when it is sold.
Project Jewel includes loans tied to Dundrum Town Centre - valued at €1.1bn itself - as well as a 50pc stake in the Pavillions shopping centre in Swords, a 50pc stake in the Ilac Centre in central Dublin, a land site near the Ilac centre and another site adjacent to Dundrum Town Centre which had been earmarked for the second phase of the shopping centre.
It is expected that the preferred bidder will look to work with Joe O'Reilly's Chartered Land, which developed the Town Centre during the Celtic Tiger.
Another US firm, Davidson Kempner, has withdrawn from the process.
The final bids were first reported by industry website CoStar.
Eastdil Secured is managing the sale process.