Ireland’s NAMA Seeks Bids for Loans Once Worth $5.2 Billion

Ireland’s National Asset Management Agency is seeking bids within five weeks for property loans with a par value of 4.7 billion euros ($5.2 billion) as it winds down its stock of risky commercial real estate debt.

In a process run by Cushman and Wakefield Inc. in London, non-binding bids for Project Ruby and Project Emerald are due by April 20, according to documents seen by Bloomberg News. A NAMA spokesman confirmed the documents.

Project Emerald has a par value of about 2.5 billion euros, while Ruby has a par value of 2.2 billion euros. The underlying assets, many in Dublin, are linked in part to commercial-property loans.

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 said on Monday that it’s on target for a 2 billion-euro surplus, though securities firm Investec Plc said on Tuesday the figure may be closer to 3 billion euros.

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