News Column

Nama retenders for €22bn IBRC loan servicer

January 25, 2014

Bridget o'Connell

Strong investor interest in the 22bn (18m) IBRC commercial loan portfolio sales has prompted Nama to retender for a servicer. The Irish bad bank had in July 2013 appointed Certus as primary and special servicer for the portfolio of unsold loans, which will be transferred to the agency from IBRC at the conclusion of its current sales programme. But based on the sales to date by the special liquidators at KPMG and the high level of interest in the IBRC sell-off, it wants a new servicer for a smaller book. Nama has also been advised that a large proportion of the commercial property loans that do transfer will be those to debtors with smaller exposures. KPMG is in the process of selling the Rock and Salt portfolios, which have a combined unpaid balance of 7.3bn. A total of 15 parties are through to the second phase of the process and were given access to additional information about the loans and underlying collateral on 20 January. Potential investors such as Lone Star , Cerberus Capital Management , Blackstone, and Apollo Global Management are all lining up banks to support their offers ahead of a deadline for final and binding bids on 14 February.

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Source: Estates Gazette (UK)

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