Menu
04/04/2014
NAMA Sells Entire NI Portfolio
The National Asset Management Agency (NAMA) has announced the sale of its entire Northern Ireland portfolio.
The properties have been sold to Cerberus Capital Management.
It is understood that the portfolio has a par value of £4.5bn. The exact value of the transaction has not been revealed, but it is thought to be significantly less than the face-value.
NAMA was established following the property crash in the Republic of Ireland and was responsible for trying to recover some of the cash lost through loans issued during the height of the property boom. This included a large portfolio of assets in Northern Ireland.
Commenting on the deal, NAMA Chairman, Frank Daly said: "It is NAMA's biggest single transaction to date and we are satisfied that the sales process will deliver the best possible result for the Irish taxpayer.
"NAMA management of this portfolio has been measured and supportive taking into consideration the particular circumstances in the Northern Ireland economy.
"We are assured by Cerberus that they will adopt a similar approach."
John W Snow, Chairman of Cerberus Capital Management added: "We are excited and gratified to reach this agreement.
"Cerberus is a patient, long-term investor and has a well-established track record of making significant improvements to the assets that it manages."
(JP)
The properties have been sold to Cerberus Capital Management.
It is understood that the portfolio has a par value of £4.5bn. The exact value of the transaction has not been revealed, but it is thought to be significantly less than the face-value.
NAMA was established following the property crash in the Republic of Ireland and was responsible for trying to recover some of the cash lost through loans issued during the height of the property boom. This included a large portfolio of assets in Northern Ireland.
Commenting on the deal, NAMA Chairman, Frank Daly said: "It is NAMA's biggest single transaction to date and we are satisfied that the sales process will deliver the best possible result for the Irish taxpayer.
"NAMA management of this portfolio has been measured and supportive taking into consideration the particular circumstances in the Northern Ireland economy.
"We are assured by Cerberus that they will adopt a similar approach."
John W Snow, Chairman of Cerberus Capital Management added: "We are excited and gratified to reach this agreement.
"Cerberus is a patient, long-term investor and has a well-established track record of making significant improvements to the assets that it manages."
(JP)
Related Northern Ireland News Stories
Click here for the latest headlines.
03 February 2011
NAMA 'Disappointed' Over Court Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.
NAMA 'Disappointed' Over Court Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.
29 July 2011
No 'Fire Sale' On NI Property, Says Wilson
The Stormont Finance Minister has insisted there will be no so-called 'fire sale' of bankrupt properties taking place in Northern Ireland.
No 'Fire Sale' On NI Property, Says Wilson
The Stormont Finance Minister has insisted there will be no so-called 'fire sale' of bankrupt properties taking place in Northern Ireland.
22 November 2024
Mobile Gaming Trends in Northern Ireland
Mobile gaming has become an integral part of the entertainment landscape in Northern Ireland, encompassing everything from sports betting and online gambling to video games. As technology advances, particularly with the advent of 5G, the mobile gaming sector is poised for significant growth and transformation.
Mobile Gaming Trends in Northern Ireland
Mobile gaming has become an integral part of the entertainment landscape in Northern Ireland, encompassing everything from sports betting and online gambling to video games. As technology advances, particularly with the advent of 5G, the mobile gaming sector is poised for significant growth and transformation.
21 November 2024
Work Underway For Free Hospital Parking In Northern Ireland
Work has begun at several hospital sites across Northern Ireland as part of the preparations for the introduction of free car parking in May 2026. Health and Social Care Trusts have been actively preparing for the implementation of a new traffic management system since the Hospital Parking Charges Act was passed in 2022.
Work Underway For Free Hospital Parking In Northern Ireland
Work has begun at several hospital sites across Northern Ireland as part of the preparations for the introduction of free car parking in May 2026. Health and Social Care Trusts have been actively preparing for the implementation of a new traffic management system since the Hospital Parking Charges Act was passed in 2022.
21 November 2024
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
