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NAMA seals US deal

THE National Asset Management Agency has agreed a joint venture deal with US private investment firm Starwood Capital for a portfolio of loans known as Project Aspen.

Under the terms of the deal, NAMA will sell the loan portfolio, which had a face value of more than €800m, to the new joint venture entity. It is believed the portfolio was sold for €200m.

The joint venture will be 20pc owned by NAMA.