NAMA to sell off loans worth €2bn this week as agency speeds up sales
NAMA is putting around €2bn of loans on the market this week, as the sell-off of its Irish portfolio continues.
The news comes amid speculation that the Government will press the agency to radically speed up its sale of Irish assets in order to radically shorten its original 10-year timescale to work out property loans.
It is understood the agency will put up for sale this week loans linked to Cork-based developer Michael O’Flynn. The loans have a face value of €1.8bn and the sale has been well flagged in advance.
The balance of this week’s sale is €200m of loans linked to Dublin developer Brian O’Farrell, one of the so-called “Maple 10” group of investors who bought shares in Anglo Irish Bank from Sean Quinn in 2008.
During the boom, Mr O’Farrell’s Headland Developments was focused on developments in north county Dublin.
The company’s biggest planned project was to redevelop the Northside Shopping Centre as a €1bn ‘Northside Town Centre’ after buying the property for €100m from Treasury Holdings and AIB Investment Managers.
NAMA is known to have already attracted significant interest from investors over months for the O’Flynn-linked loan portfolio.
The Cork-based developer behind O’Flynn Construction is one of one of NAMA’s ‘top 10’ developers – that is, those who have the biggest debts to the agency.
His most high-profile developments include the Elysian Tower residential building in Cork city.