DCSIMG

NAMA sells city assets to investment firm

-- with crane and scaffolding

-- with crane and scaffolding

  • by Kevin Mullan
 

Several Londonderry assets have been acquired by New York private investment firm Cerberus Capital Management, L.P. after Dublin’s National Asset Management Agency (NAMA) sold its Northern Ireland portfolio last week.

A spokesperson for NAMA told the Sentinel it couldn’t identify individual properties included in the transaction. The spokesperson confirmed that NAMA continues to have some residual exposure to Northern Ireland property but that this exposure is very limited.

But NAMA has included several Londonderry assets in its portfolio listing in the past number of years. For example, at the end of February, among the properties listed as subject to enforcement action were assets on the Strand Road, Woodside Road and Culmore Road.

Properties at Claremont Manse and Glenvale on the Northland Road and Charles Court in Limavady were also listed by NAMA as subject to enforcement action.

On Friday (April 4) NAMA announced the sale of its Project Eagle portfolio to Cerberus.

It said the portfolio consists of loans owned by Northern Ireland-based debtors and secured by assets in Northern Ireland, the Republic, Great Britain and other European locations.

The portfolio has a par value of £4.5billion. The sale is the largest single transaction by NAMA to date.

John W. Snow, Chairman of Cerberus Capital Management, said: “We are excited and gratified to reach agreement on this significant, mutually beneficial transaction with NAMA.

“This investment, and the underlying assets in Ireland and other European markets, will be an important foundation for our overall European strategy.

“Cerberus is a patient, long-term investor and has a well-established track record of making significant improvements to the assets that it manages.

“We believe Cerberus has the ideal base of expertise and experience to manage the Eagle portfolio and will be a strong partner for NAMA, for Northern Ireland and for all the stakeholders associated with this transaction.”

 

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