Nama to sell €3.5bn worth of loans and property assets

The National Asset Management Agency is selling more than €3.5 billion worth of loans and property assets in the Republic through its debtors and receivers.

This includes Redwood, a €200 million portfolio of commercial assets in Dublin, which was recently launched and is expected to attract "strong interest", Nama chief executive Brendan McDonagh told a conference hosted by the Sunday Business Post in Dublin yesterday.

Mr McDonagh said the agency had accounted for 22 per cent of the €29.9 billion worth of closed European loans sales so far this year.

This is according to an analysis by Cushman & Wakefield corporate finance. This figure would be 49 per cent if the liquidation of Irish Bank Resolution Corporation’s €22 billion book were excluded. IBRC itself accounted for 55 per cent of the sales.

The analysis of transactions across Europe shows that Ireland has accounted for €7.8 billion of sales in the first four months of this year. This compared with €4.5 billion for the whole of 2013.

Cash flows
Mr McDonagh said Nama had generated gross cash flows of €22 billion from its inception in 2010 to April 25th of this year. This included €12.7 billion in loans and property sales. The balance is mostly rental income from debtors' properties that is mandated to accounts over which Nama can exercise control.

Some 97 per cent of such rental income is paid to accounts that Nama can access, as opposed to just 20 per cent at the time it acquired its loans from the Irish banks.

Just under one-third of Nama debtors are deemed to be non-co-operating.