Dec. 6 (Bloomberg) -- Ireland’s National Asset Management Agency is preparing to sell Irish, German and U.K. real estate loans with a face value of 1.8 billion euros ($2.5 billion) as demand for property debt rises, two people with knowledge of the plan said.
The loans are linked to properties built by Irish developer Michael O’Flynn and his companies, said the people, who asked not to be identified because the matter is private. UBS AG will act as broker, one of the people said. David Clerkin, a NAMA spokesman at public relations firm Gordon MRM, and UBS spokeswoman Stephanie Aneto declined to comment. O’Flynn wouldn’t comment when contacted by phone.
International investors have been buying property and loans backing European real estate as the region rebounds from its sovereign-debt crisis. Lenders in the European Union sold 29 billion euros of portfolio loans and assets such as bank branches and mortgage-servicing units and in the first half of 2013, according to Richard Thompson, a partner at PricewaterhouseCoopers LLP in London.
O’Flynn Group’s developments include student housing across Europe and The Elysian apartment tower in Cork that’s Ireland’s tallest building, according to building-data provider Emporis.
NAMA was set up in 2009 by the government to take over 74 billion euros of risky commercial real estate loans held by Ireland’s banks and sell them over as many as 10 years.