The National Asset Management Agency has put up for sale a €600m (£448m) portfolio of loans known as Project Arch.
The loans are secured against 70 properties in Ireland, the UK and the US and have a heavy weighting towards hotels and development sites in Dublin, Galway and Kilkenny. They are expected to be sold at a heavy discount.
Nama has accelerated its wind-down this year, with chairman Frank Daly telling the Oireachtas Banking Inquiry last month that the “bad bank” could be wound up two or three years ahead of schedule in 2017 or 2018 and could create a €1bn surplus.
It is selling several other non-performing loan portfolios totalling around €13bn.
These include the €8.4bn Project Arrow, which is being sold through Cushman & Wakefield and is 90% secured against Irish real estate and 10% against UK property.
It is the largest portfolio to be put up for sale by Nama since its formation in 2009 and comprises more than 500 borrowers.
david.hatcher@estatesgazette.com
