Nama to sell Arrow project

Kasmira Jefford
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THE REPUBLIC of Ireland’s state-controlled “bad bank” has appointed advisers to sell an €8.4bn (£6.2bn) portfolio of non-performing loans called Project Arrow.

The National Asset Management Agency (Nama) was set up to handle property loans attached to the collapse of the Irish property market in 2009.

It has brought in Cushman & Wakefield’s Corporate Finance team to sell the portfolio, which contains a mix of Irish residential properties as well as offices, retail, mixed-use, and hotels in Ireland and the UK.

Nama is targeting around €9bn of sales over the next two and a half years as it accelerates the disposal of its remaining loanbook, according to CoStar news.

Recent sales include the disposal of Project Eagle to debt investor Cerberus Capital for £4.5bn last year, which was one of the biggest loan sales of last year.

Cushman & Wakefield’s EMEA corporate Finance team recorded €2.7bn of closed sales last year with approximately a third (36 per cent) attributed to Nama, asset it speeds up its wind down.