US private equity firms Cerberus and Oaktree were among firms preparing bids before a deadline late on Tuesday for a portfolio of loans being sold by the National Asset Management Agency (Nama), according to Bloomberg.

Nama put the portfolio, known as Project Gem, comprising property loans with a nominal value of about €3 billion on the market in recent months as it continues sell off assets bought from bailed-out banks during the financial crisis.

The portfolio, containing mainly commercial properties in urban areas around Ireland, is set to be sold at a deep discount.

Cerberus and Oaktree have been among the most active buyers of Irish loans in recent years. Cerberus has been in the headlines since it bought Nama’s Northern Ireland portfolio Project Eagle at a discounted price of about €1.6 billion in 2014.

The transaction is subject to a number of investigations, mainly around how €7 million of fees linked to the deal ended up in an Isle of Man bank account belonging to a Belfast lawyer.

All parties have consistently denied any wrongdoing in relation to the deal.