Goldman Sachs and CarVal Investors, as well as an approach by Cerberus Capital Management, have made the shortlist for NAMA’s Project Arrow portfolio.
Project Arrow is a portfolio of non-performing property loans which includes €7.6bn of par value loans and binding bids are due the first week of October.
Project Arrow is the biggest portfolio to have been put on the market by NAMA so far and was formally put on the market in July.
Just over 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 of the nominally valued loans are secured by residential assets; €2.52bn of loans are secured by mainstream commercial properties; €1.73bn of loans are secured by land and development assets; and approximately €144m are secured by hotel and leisure assets.
Cushman & Wakefield’s Corporate Finance team in London is selling Project Arrow on behalf of NAMA.