Two of Irish bad bank Nama’s final loan portfolio sales were launched this week. Projects Emerald and Ruby were put up for sale on Friday with a combined face value of around €6.5bn (£5.1bn).
The structure of the two portfolios being marketed by Cushman & Wakefield is expected to be largely unchanged since the announcement of their proposed sale in December last year. Ruby, the larger of the two with a €4.3bn face value, contains loans from 21 borrowers on both residential and commercial property, mostly in the Dublin area.
Emerald, which contains just over 50% Irish commercial real estate from 18 borrowers, has a face value of €2.2bn. The quality of the loans is considered poor and there is expected to be a large discount to their face value. Last year Nama sold its €6.25bn Project Arrow portfolio to Cerberus Capital Management for €800m – an 89% discount.
