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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)
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