NAMA set to go live with €400m Project Holly disposals

NAMA will launch its €400m third Irish loan portfolio sale, Project Holly, in the next two weeks. The move follows submission of first-round bids for its €250m non-performing loan portfolio, Project Club, in mid-October.

Project Holly’s loans are secured on mixed income- producing properties, as well as a small amount of housing and development sites.

The properties include the Watermarque building, Hogan Place, and the Iveagh Court office and residential complex, in Dublin. Cushman & Wakefield is the sales agent for Project Holly.

Patron Capital is said to be a frontrunner to buy Club after engaging with the borrower, developer Eamon Duignan. According to the Irish Independent, US private equity firm Anchorage Capital is said to have held discussions with Holly’s borrower to try to buy back the loans – in this case, Sean Reilly.

Meanwhile, Ireland’s other bad bank, IBRC, has progressed Project Evergreen, a €3.5bn corporate loan book, to the first round of bidding.