NAMA sells NI loans portfolio

NAMA sells NI loans portfolio

 

The National Asset Management Agency (NAMA) is to sell its Northern Ireland-based portfolio of loans – known as Project Eagle – to private investment firm, Cerberus Capital Management.

The loans, which have a face value of £4.5bn, are secured on properties in Ireland and the UK which include pubs, groups of hotels, offices, and retail space as well as multifamily apartments.

NAMA chairman, Frank Daly, said that the deal – the biggest single transaction undertaken by the agency to date – represented best value for the Irish taxpayer, and added:

“NAMA management of this portfolio has been measured and supportive taking into consideration the particular circumstances in the Northern Ireland economy. We are assured by Cerberus that they will adopt a similar approach.”

Welcoming the sale, First Minister, Peter Robinson, said that he believed the deal was excellent news for the economy here.

“For some time I have made clear the danger to the local economy of leaving valuable assets undeveloped and the threat that these posed to otherwise profitable businesses,” he added. “I believe that this deal can be of real benefit to our economy.”

Cerberus Capital Management is one of the world’s leading private investment firms and has more than $25 billion (€18.25bn) under management.