NAMA planning €300m sale of property loans - report

Wednesday 19 March 2014 11.16
Sources said the assets up for sale are linked to developer Gerry Conlan and will be sold at a discount
Sources said the assets up for sale are linked to developer Gerry Conlan and will be sold at a discount

The National Asset Management Agency is preparing to sell property loans with a face value of over €300m as demand for property rises, three people with knowledge of the plan said.

According to Bloomberg, the sources said the assets, linked to Irish developer Gerry Conlan, will be sold at a discount.

The sources asked not to be identified because the matter is private. 

NAMA declined to comment on the reports. 

The agency is planning to sell property portfolios valued at €250m or more in each quarter of this year, it said in February. 

The assets include groups of hotels, offices, retail spaces in Ireland and the UK and apartments, NAMA’s head of asset recovery Ronnie Hanna said earlier this month.

The group of assets for sale linked to Conlan, known as Project Spring, will not include the Mount Carmel hospital in Dublin, two of the people said. 

The hospital petitioned the High Court in Dublin to appoint a liquidator, according to NAMA, which holds Mount Carmel’s assets as loan collateral.

Meanwhile, NAMA said that after a competitive tendering process it has chosen Capita Asset Services (Ireland) Ltd as its preferred bidder to provide services on the portfolio of commercial property loans which it may acquire from the Special Liquidators to IBRC.  

The appointment is subject to agreement on contractual terms, it added.