Lone Star, Cerberus Said Circling Two NAMA PortfoliosDara Doyle, Sharon Smyth and Donal Griffin
Cerberus Capital Management LP and CarVal Investors LLC are among funds circling two portfolios with a combined par 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.
Lone Star Funds is also interested in the loans held by the National Asset Management Agency, according to the people, who asked not to be identified because the process is ongoing. The portfolios, known as Project Ruby and Emerald, will probably be sold at a discount to their original value by the agency, known as NAMA.
First-round bids are due April 20. 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,
Cerberus and CarVal declined to comment; Lone Star also declined to comment. NAMA declined to comment.
(Adds Lone Star declined to comment. An earlier version of this story corrected the spelling of Cerberus in headline, fourth paragraph.)