Nama receives binding bids for Dundrum Town Centre

The National Asset Management Agency (Nama) has received binding bids from three finalists for the Project Jewel loan portfolio, which includes Ireland's largest shopping centre Dundrum Town Centre.

CoStar News has reported that Allianz and Hammerson bid together against a joint bid by Hines and Kuwait Investment Authority, and Colony Capital.

As well as the Dundrum Town Centre, Project Jewel also includes a 50 per cent stake in the Pavilions shopping centre in Swords, a 50 per cent stake in the Ilac shopping centre in Dublin city centre and a land site near the Ilac shopping centre.

Project Jewel is expected to trade for in excess of €1.6 billion, with Dundrum valued at around €1.1 billion.