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.
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.