Goldman Sachs Said Interested in NAMA’s Emerald, Ruby Loans

  • Cerberus, CarVal, Lone Star also said to consider offers
  • First-round bids are due to be submitted on Wednesday

Goldman Sachs Group Inc. is weighing a bid for two portfolios with a combined face value of 4.7 billion euros ($5.3 billion) being sold by Ireland’s so-called bad bank, according to two people with knowledge of the matter.

Cerberus Capital Management LP, CarVal Investors LLC and Lone Star Funds are also considering whether to bid for the loans held by the National Asset Management Agency, according to the people, who asked not to be identified because the process is still under way. The portfolios, known as Project Ruby and Emerald, will probably be sold for less than par by the agency, known as NAMA.

First-round bids are due on Wednesday. The Irish government set up NAMA in 2009 to take over 74 billion euros of commercial real estate loans held by Ireland’s banks and sell them over as many as 10 years. The agency has said it’s on target for a 2 billion-euro surplus.

“We expect the demand for Irish-owned assets to continue to remain buoyant in 2016, with substantial demand for retail assets in particular, given the current strong growth trends in retail sales,” John Cronin and Cian Harty, analysts at Investec Plc in Dublin, said in a note on Tuesday.

More than half of portfolios are linked to commercial real estate, with many of the properties in the Irish capital, Dublin.

Goldman Sachs, Cerberus, CarVal and Lone Star declined to comment, as did NAMA.

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