NAMA narrows €7.2bn Project Arrow search to three

NAMA has narrowed the field to three finalists for the €7.2bn Project Arrow non-performing loan portfolio, in a trade expected to price below €1bn.

NAMA logoCarVal Investors and Goldman Sachs are again jointly in the final stage of an Irish NPL sale process competing with Cerberus Capital Management and Apollo Global Management, CoStar News understands.

Binding bids are due the first week of October.

Project Arrow is a granular NPL with all, comprised of 1,532 loans from 367 separate borrowers securing 2,402 properties.

The largest loan is sub €10m and no individual asset has a current real estate value above €5m.

Just above one-third, 836 or 36%, of the underlying properties in Project Arrow are in receivership. The property portfolio is 96% located in Ireland, with just 3% of assets in the UK.

By sector, €2.81bn, or 39%, of the nominally-valued loans are secured by residential assets; €2.52bn, or 35%, of loans are secured by a mixture of mainstream commercial properties; €1.73bn, or 24%, of loans are secured by land and development assets; and around €144m, or 2%, are secured by hotel and leisure assets.

Cushman & Wakefield’s Corporate Finance team in London is selling Project Arrow on behalf of NAMA.

All parties declined to comment.  

jwallace@costar.co.uk

About CoStar News

Finance Editor, CoStar News
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