FINANCE: Cerberus Capital Management has been selected as the successful bidder to buy Nama’s £4.5bn Project Eagle Northern Irish loan book.
Nama confirmed that, based on the recommendation of its adviser, Lazard, it has agreed the sale, subject to contract, to the US private equity firm.
It is the largest single trade carried out by the agency and follows an extensive and competitive sales process involving bidders from Europe and the US.
The portfolio consists of loans owned by Northern Ireland-based debtors and secured by assets in Northern Ireland, the rest of the UK, the Republic of Ireland, and other European locations.
Nama said the “terms of transaction are commercially sensitive and are not being disclosed”.
Nama chairman, Frank Daly, said: “This transaction represents a significant achievement for Nama.
“It is Nama’s biggest single transaction to date and we are satisfied that the sales process will deliver the best possible result for the Irish taxpayer.
“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 it will adopt a similar approach.
Cerberus chairman, John W Snow, said: “This investment, and the underlying assets in Ireland and other European markets, will be an important foundation for our overall European strategy.”
bridget.oconnell@estatesgazette.com
