NAMA readies €250m Project Beara portfolio

The portfolio contains real estate loans that were first written to a Cork-based family in Ireland.  

Ireland’s National Asset Management Agency (NAMA) is preparing to market a €250 million real estate loan portfolio known as Project Beara, PDI sister title Real Estate Capital has learned.

The agency has appointed EY to handle the sale although it is unclear at this stage as to when the process will be formally launched. 

Beara contains loans which were originally written to the Cork-based Love family and is named for a peninsula in County Cork. The portfolio contains debt relating to retail and residential property as well as land.

Clayton and Neill Love’s Shipton Group invested in shopping centres in Cork and also in Fermoy town centre.

Project Beara is likely to be launched after the conclusion of the ongoing Project Abbey sale process.

First round bids for Project Abbey, which has a face value in the region of €750 million, are due to be submitted by 4 April. Abbey contains loans which related to Dublin-based Harcourt Developments.

NAMA is also preparing to launch the sale of its Projects Ruby and Emerald and its retained adviser on the sale, Cushman & Wakefield, is marketing the portfolios this week at MIPIM.

Emerald is expected to comprise loans with an oustanding debt balance of €2.5 billion made to 16 borrowers, secured by 236 properties. The majority of the loans are expired. Some 21 percent are located in Dublin and almost 52 percent in the rest of Ireland. The portfolio also has 21 percent German properties.

Project Ruby is slightly smaller with an outstanding par balance of €2.2 billion, 15 borrower connections and 253 underlying assets. Some 28.5 percent are in Galway, 28.5 percent in Dublin and 41 percent in the rest of Ireland.

The data room for their sale opens on 30 March with first round bids provisionally due by 20 April.