Lazard exploring options on Nama’s Northern Ireland loans

Lazard is understood to have been appointed by the National Asset Management Agency to examine options for its Northern Ireland portfolio of loans.

The move follows speculation that Pimco, the global asset management giant with close to $2 trillion under management, had approached Nama to buy its entire €4 billion loan portfolio in the North.

It is understood that Lazard will be asked to explore options for the debtor book in Northern Ireland, a portfolio including loans taken by individuals and companies in the North on assets elsewhere. The appointment of Lazard signals increased interest in the debt.

It was always seen as likely that Pimco’s approach could trigger a bidding war for Nama’s northern property portfolio among a select number of the world’s largest property funds.

Senior politicians
The international investment made it known to senior politicians in the North in recent months that it was interested in acquiring outright Nama's northern portfolio. The Northern Ireland loan book is understood to account for around 4 per cent of the agency's outstanding loans.

Although the Nama’s loans have a face value of €4 billion, it is thought likely only to be worth around €1 billion if put on the market, in part because of the amount of development land in the portfolio.

First Minister Peter Robinson who has previously called for assets held by Nama in the North to be "liberated", has indicated he was cautiously positive about the prospect of a sale.

Nama refused to comment last night.