NAMA has appointed Cushman & Wakefield’s Corporate Finance team to sell the giant €8.4bn Project Arrow non-performing loan (NPL) portfolio, as the Irish bad bank accelerates its remaining wind-down.
Project Arrow will be the largest loan portfolio sale in NAMA’s history and takes the aggregate nominal value of the current pipeline of loan portfolio sales by the Irish bad bank to €12.9bn across six separate loan disposal processes.
C&W’s Corporate Finance will now undertake a review of the giant loan pool, the underlying collateral and seek to determine the present real estate value within Project Arrow. The process is expected to lead to the formation of sub-pools, which would then be potentially sold separately.
Project Arrow is secured by approximately 90% Irish real estate and 10% UK real estate, and is virtually all non-performing. By sector, Project Arrow is approximately 50% Irish residential, while the remaining half is comprised of a mix of offices, retail, mixed-use, hotels and land – including UK assets.