NAMA sells £4.5bn NI portfolio

NAMA sells £4.5bn NI portfolio

The Republic's toxic bank NAMA has announced the sale of its entire Northern Ireland portfolio of assets.

The National Asset Management Agency has announced the sale of the £4.5bn portfolio of properties to Cerberus Capital Management.The organisation was established following the property crash in the Republic.It was tasked with trying to recover some of the cash lost through loans issued during the height of the property boom.That included a huge portfolio of property in Northern Ireland and as a result it's thought NAMA was the region's largest landlord.NAMA had to take the NI portfolio. Cerberus has actively chosen to buy it. That's a big distinction.— naomi mcmullan (@naomi_utv) April 4, 2014Commenting on the transaction, NAMA chairman, Frank Daly said: "This is our biggest single transaction to date and we are satisfied that the sales process will deliver the best possible result for the Irish taxpayer."NAMA management of this portfolio has been measured and supportive taking into consideration the particular circumstances in the Northern Ireland economy."We are assured by Cerberus that they will adopt a similar approach."John W Snow, chairman of Cerberus added: "We are excited and gratified to reach this agreement."Cerberus is a patient, long-term investor and has a well-established track record of making significant improvements to the assets that it manages."NAMA and Cerberus have refused to comment on the exact amount of the deal, however, the transaction is thought to be significantly less than the £4.6bn face-value of the portfolio.

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