DUBLIN—Ireland's National Asset Management Agency has completed its largest transaction since its formation in the wake of the global credit crisis, selling the Project Jewel loan portfolio to a joint venture of Hammerson plc and Allianz Real Estate Germany GmbH. The portfolio has a par value of approximately €2.6 billion, or approximately US$2.9 billion, and traded for about €1.85 billion, or just under US$2.1 billion.

The loans are secured by some of Ireland's leading retail assets, including the 1.5-million-square-foot Dundrum shopping center in Dublin. Also included in the portfolio are ownership interests in two other major shopping centers, the ILAC Centre and Swords Pavilions, and a number of strategic development sites and other assets.

“Our investment into Project Jewel is an important step to a further diversification of Allianz´ real estate portfolio,” says Annette Kröger, CEO of Allianz Real Estate Germany. “It is a very attractive opportunity to get exposure to the dynamic Irish market.” Adds David Atkins, CEO of Hammerson, “We look forward to playing our part in ensuring that the underlying assets meet their future potential for the surrounding communities.”

Easdil Secured managed the sale on NAMA's behalf. The transaction is expected to complete before the end of next month, according to NAMA.

Prior to the Hammerson/Allianz JV, the previous high watermark for NAMA occurred in April 2014, when Cerberus Capital Management emerged as the winning bidder for the NAMA'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 put it at around £1.1 billion, or approximately $1.825 billion. NAMA was formed in 2009 as a “bad bank” to address the Republic of Ireland's banking crisis.