Cerberus Capital Management and CarVal Investors are among funds circling two portfolios with a combined par value of €4.7 billion being sold by the National Asset Management Agency.

This is according to two people with knowledge of the matter, Bloomberg reports. 

Lone Star Funds is also interested in the loans held by NAMA, according to the sources.

Bloomberg said that the portfolios, known as Project Ruby and Emerald, will probably be sold at a discount to their original value by NAMA.

Most of the properties involved are commercial premises in Ireland and the majority of them are outside Dublin.

First-round bids are due on April 20.