Irish Bad Bank Said to Plan Sale of $418 Million Property LoansNeil Callanan and Donal Griffin
Ireland’s National Asset Management Agency is preparing to sell real estate loans with a face value of more than 300 million euros ($418 million) as demand for property rises, three people with knowledge of the plan said.
The assets, linked to Irish developer Gerry Conlan, will be sold at a discount, said the people, who asked not to be identified because the matter is private. David Clerkin, a NAMA spokesman at public relations firm Gordon MRM, declined to comment. Conlan also wouldn’t comment.
NAMA is planning to sell property portfolios valued at 250 million euros or more in each quarter of this year, Ireland’s bad bank said in February. The assets include groups of hotels, offices, retail spaces in Ireland and the U.K. and multifamily apartments, NAMA’s head of asset recovery Ronnie Hanna said March 13 at the MIPIM real estate conference in Cannes, France.
The group of assets for sale linked to Conlan, known as Project Spring, will not include the Mount Carmel hospital in Dublin, two of the people said. The hospital petitioned the High Court in Dublin to appoint a liquidator, according to NAMA, which holds Mount Carmel’s assets as loan collateral.
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.