FINANCE: Ulster Bank is bringing a €1.7bn (£1.4bn) portfolio of Irish non-performing loans to the market.
Project Aran is secured by 315 properties, including residential, office and retail. More than 75% of the assets are in the Republic of Ireland, and the rest in Northern Ireland and England.
First-round bids have been called for 2 October, and Eastdil has been appointed to sell the portfolio. A sale is expected to complete before the end of the year.
Ulster Bank currently has another major loan portfolio on the market, the £1bn Project Achill, which is secured against 160 properties including offices and apartments in Belfast’s Titanic Quarter.
sophia.furber@estatesgazette.com
