Cerberus Takes Irish Loan Portfolio in NAMA Deal

DUBLIN—Cerberus Capital Management has emerged as the winning bidder for the National Asset Management Agency‘s $7.5-billion Project Eagle portfolio of commercial real estate loans held by borrowers in Northern Ireland. The purchase price was not disclosed; published reports have put it at around £1.1 billion, or approximately $1.825 billion. It’s the largest single transaction to date for NAMA, the Irish “bad bank” formed in 2009 to address the Republic of Ireland’s banking crisis.

NAMA’s previous high watermark was a joint venture last spring with Starwood Capital Group worth €195 million, or approximately $270 million. The Project Eagle loan portfolio is backed by approximately 850 properties across Northern Ireland, the rest of the UK and the Republic of Ireland, including Lanyon Plaza and the Soloist building in Belfast, along with other office and retail developments, hotels and land.