Nama readies €300 million property portfolio for sale

Assets said to be linked to developer Gerry Conlan to be sold at discount

The prosective sale of assets is not expected to  include the Mount Carmel hospital (pictured) in Dublin. Photograph: Aidan Crawley/The Irish Times

The prosective sale of assets is not expected to include the Mount Carmel hospital (pictured) in Dublin. Photograph: Aidan Crawley/The Irish Times

Wed, Mar 19, 2014, 10:30

Nama is understood to be preparing to sell real estate loans with a face value of more than €300 million as demand for property rises.

The assets, linked to Irish developer Gerry Conlan, will be sold at a discount, it is understood. A spokesman for Nama declined to comment. Mr Conlan also wouldn’t comment.

Nama is planning to sell property portfolios valued at €250 million or more in each quarter of this year, it  said last month. The assets include groups of hotels, offices, retail spaces in Ireland and the UK and multifamily apartments, Nama's head of asset recovery Ronnie Hanna said on March 13th at the MIPIM real estate conference in Cannes, France.

The group of assets for sale linked to Conlan, known as Project Spring, will not include the Mount Carmel hospital in Dublin, it is understood.

The hospital petitioned the High Court in Dublin to appoint a liquidator, according to Nama which holds Mount Carmel’s assets as loan collateral. Nama was set up in 2009 by the Government to take over €74 billion of risky commercial real estate loans held by Ireland’s banks and sell them over as many as 10 years.

Bloomberg