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Nama gears up for more sales

The loans of hundreds of smaller Nama developers are being grouped together to be sold in multi- borrower portfolios, the Herald has learned.

Nama yesterday put €600m of Irish assets, including Facebook's Dublin HQ, on the market in five portfolios.

Up to now, it has mainly sold very large portfolios tied to only one borrower, such as the €1.8bn Project Tower portfolio tied to developer Michael O'Flynn that was taken over by US firm Blackstone.

Nama's chief executive Brendan McDonagh (above) said that builders should not fear having their loans sold to US private equity funds.

There is "no harm" in seeing large volumes of international capital coming into Ireland in this way, he said.