NAMA Offers Loans Linked to Ireland’s Biggest Retail Mall

Ireland’s National Asset Management Agency hired Eastdil Secured LLC to sell loans linked to the country’s largest shopping mall and two other retail centers in Dublin.

The loans may sell for more than 1.4 billion euros ($1.6 billion), two people with knowledge of the matter said. They asked not to be identified because the sale is private. NAMA spokesman David Clerkin confirmed Eastdil is brokering the sale, although declined to comment on the amount of debt outstanding.

The loans are secured by the Dundrum Town Centre, a 150,000 square-meter (1.6 million square-foot) mall, and 50 percent stakes in the Ilac Centre and the Pavilions shopping mall. The properties are owned by developer Joe O’Reilly’s Chartered Land Ltd. O’Reilly did not answer a call or respond to a text message seeking comment.

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.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE