NAMA picks squad for €31bn loans disposal

Ireland’s National Asset Management Agency has appointed property agents and banks as advisors to sell its loan book.

Ireland’s National Asset Management Agency (NAMA) has appointed a raft of property agents and banks to sell its €31 billion loan book.

The bench of 16 comprises a mixture of property brokers and banks whose task it is to speed the process of unwinding the loans transferred to it under a national programme.

CBRE, Jones Lang LaSalle and Cushman & Wakefield are on the list, according to the Financial Times. Those three property services firms are tasked with selling assets both in Europe and the US. Meanwhile, the banking fraternity is represented by Eastdil Secured and Lazard – also working in the two regions. In addition, UBS and Goldman Sachs have a role to play in European disposals, and Credit Suisse will focus on the US.

Further, accountancy firms Ernst & Young and KPMG, and debt restructuring experts Brookland Partners, Cantor Fitzgerald and The Debt Exchange have made the cut.

The FT said it was understood the European panel was initially going to be made up of just six advisers. However, NAMA became concerned that those left out would complain and so expanded it to 13. The agency tendered for loan sales advisors to come forward in the last quarter of 2011 in a 49-page document.

At the time, chief executive Brendan McDonagh said: “Loan sales will form a major part of our strategy going forward now that we are almost through the debtor business plans and we’ve gleaned considerable knowledge about the assets and the debtors.”

He noted that the appointed loan sale advisors would ensure that any sale of loan books followed a competitive process and achieved the best price realisable. In addition, he confirmed NAMA planned to offer its first stapled finance package for commercial property, involving a buyer paying up to 25 percent to 30 percent of the asset purchase price upfront, with the remainder being paid to NAMA over an agreed number of years.