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NAMA brings in advisers as it prepares to sell property

NAMA has begun to gear up to sell entire loan books of property with the appointment of a panel of 16 advisers.

The bad bank advertised for financial services firms to join the panel before Christmas and has now selected those it will use to execute the sales.

The firms on the panels to handle sales in Europe and the US are property services companies CBRE, Jones Lang LaSalle, Savills and Cushman & Wakefield. NAMA will use investment banks Lazard and Eastdil Secured, a subsidiary of Wells Fargo, to advise them on asset disposals in these regions.

It has also selected UBS and Goldman Sachs to advise on European loan sales and Credit Suisse in the US.

The two panels also include accountants Ernst & Young and KPMG. Debt restructuring companies Brookland Partners, Cantor Fitzgerald and The Debt Exchange will also be used by the agency.

A Nama spokesman said it was exploring the sale of loan books and wanted to have a competitive process to assure it could get fair value for the assets. Now that it has appointed the panels, the next step is to prepare to sell the loan books in the coming months.

Irish Independent