The National Asset Management Agency is weighing the sale of loans linked to Dundrum Town Centre and two other shopping centres in Dublin, two people with knowledge of the matter said.
Bloomberg reports that the loans for Dundrum, Ireland’s biggest shopping centre, and 50% stakes in the Pavilions in Swords and the Ilac in Dublin city centre, could be sold together by the agency.
The Dundrum centre is worth about €1bn, one of the sources said.
Irish investors including NAMA are selling properties and loans linked to them to take advantage of rising investor interest in Irish real estate.
More than €21bn of property loans were sold last year, broker CBRE Group said in a report today.
The shareholdings are owned by developer Joe O’Reilly’s Chartered Land, though Mr O’Reilly did not respond to a request for comment from Bloomberg.
A spokesman from a public relations firm which represents NAMA also declined to comment on the report.
NAMA agreed to buy Royal Bank of Scotland and KBC loans to Dundrum, its first purchase of debt that did not belong to the country’s bailed-out lenders, people familiar with the matter said in April.
That gave it full control of the shopping centre’s debt, one of the people said.
