Menu
04/04/2014
NAMA Sells Entire NI Portfolio
The National Asset Management Agency (NAMA) has announced the sale of its entire Northern Ireland portfolio.
The properties have been sold to Cerberus Capital Management.
It is understood that the portfolio has a par value of £4.5bn. The exact value of the transaction has not been revealed, but it is thought to be significantly less than the face-value.
NAMA was established following the property crash in the Republic of Ireland and was responsible for trying to recover some of the cash lost through loans issued during the height of the property boom. This included a large portfolio of assets in Northern Ireland.
Commenting on the deal, NAMA Chairman, Frank Daly said: "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 they will adopt a similar approach."
John W Snow, Chairman of Cerberus Capital Management added: "We are excited and gratified to reach this agreement.
"Cerberus is a patient, long-term investor and has a well-established track record of making significant improvements to the assets that it manages."
(JP)
The properties have been sold to Cerberus Capital Management.
It is understood that the portfolio has a par value of £4.5bn. The exact value of the transaction has not been revealed, but it is thought to be significantly less than the face-value.
NAMA was established following the property crash in the Republic of Ireland and was responsible for trying to recover some of the cash lost through loans issued during the height of the property boom. This included a large portfolio of assets in Northern Ireland.
Commenting on the deal, NAMA Chairman, Frank Daly said: "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 they will adopt a similar approach."
John W Snow, Chairman of Cerberus Capital Management added: "We are excited and gratified to reach this agreement.
"Cerberus is a patient, long-term investor and has a well-established track record of making significant improvements to the assets that it manages."
(JP)
Related Northern Ireland News Stories
Click here for the latest headlines.
10 July 2015
NCA To Lead Investigation Into NAMA
The National Crime Agency is to investigate the sale of Northern Ireland assets owned by the Republic of Ireland's National Assets Management Agency (NAMA).
NCA To Lead Investigation Into NAMA
The National Crime Agency is to investigate the sale of Northern Ireland assets owned by the Republic of Ireland's National Assets Management Agency (NAMA).
07 October 2016
Six People Under Criminal Investigation Over Nama Portfolio Deal
Six people are under criminal investigation in relation to Nama's Northern Ireland portfolio deal. A total of 40 witnesses have been questioned, according to the National Crime Agency (NCA). Eight properties have also been searched and several court orders have been obtained.
Six People Under Criminal Investigation Over Nama Portfolio Deal
Six people are under criminal investigation in relation to Nama's Northern Ireland portfolio deal. A total of 40 witnesses have been questioned, according to the National Crime Agency (NCA). Eight properties have also been searched and several court orders have been obtained.
13 February 2012
Proposals Suggest NI Nama
Proposals have emerged, that if adopted, would see a new bank dealing with property debt being established in Northern Ireland. This will be a Nama-style bank like that in the Republic of Ireland and it is hoped that its creation will make local banks more willing to lend to businesses.
Proposals Suggest NI Nama
Proposals have emerged, that if adopted, would see a new bank dealing with property debt being established in Northern Ireland. This will be a Nama-style bank like that in the Republic of Ireland and it is hoped that its creation will make local banks more willing to lend to businesses.
15 September 2016
Irish Govt To Investigate Northern Ireland NAMA Sale
The Irish Government is to discuss plans to carry out an investigation into the sale of NAMA's Northern Ireland property portfolio. The Irish state asset agency sold the property loan portfolio to a US investment fund for £1.2billion in 2014. A number of allegations have been made since the sale.
Irish Govt To Investigate Northern Ireland NAMA Sale
The Irish Government is to discuss plans to carry out an investigation into the sale of NAMA's Northern Ireland property portfolio. The Irish state asset agency sold the property loan portfolio to a US investment fund for £1.2billion in 2014. A number of allegations have been made since the sale.
23 November 2009
Banks 'Responsible To Firms': Wilson
Local banks must increase lending to viable local businesses at reasonable terms, according to Stormont Finance Minister, Sammy Wilson.
Banks 'Responsible To Firms': Wilson
Local banks must increase lending to viable local businesses at reasonable terms, according to Stormont Finance Minister, Sammy Wilson.
-
Northern Ireland WeatherToday:The day will be very windy with strong to gale force westerly winds becoming occasionally severe along the north coast. Sunny spells will be interspersed with scattered showers. Maximum temperature 8 °C.Tonight:West to northwest gale force winds, severe along the north coast, will continue overnight. Frequent showers persist, merging into longer periods of rain at times and turning wintry. Minimum temperature 1 °C.
