The National Asset Management Agency (Nama) plans to sell two portfolios of property loans with a face value of €6 billion as it winds down its stock of risky commercial property debt, according to sources.
The loans will be split into two groups of €3 billion each and will be sold at a discount, said the sources. A spokesman for Nama declined to comment.
The Government set up Nama in 2009 to take over €74 billion of commercial property loans held by Irish banks and sell them over as many as 10 years.
Last month, it chose a unit of Cerberus Capital Management as the preferred bidder for Project Arrow, a portfolio of debt with a face value of €6.3 billion. That sale is Nama's largest by face value to date.
European banks continue to pare down their property loan books to repair balance sheets damaged when values crashed and borrowers defaulted during the financial crisis.
Sales of property debt and foreclosed assets totalled €44.6 billion in the first nine months of the year.
Bloomberg
