Irish ´Bad Bank´ Sells Out Its Property in Northern Ireland

7/04/2014 – La Informacion

NAMA, the bad bank of Ireland, was established by the Dublin Government in 2009 with view to toxic asset management. Few days ago, the entity announced putting up for sale a credit portfolio with property as collateral situated in Northern Ireland. It is estimated to be worth of £4.5 billion (around 5.45 billion).

The National Asset Management Agency (NAMA) indicated that the purchaser will be the New York-based investment fund, Cerberus Capital Management. (…).

Among the properties included in the portfolio there are office buildings, shopping centers, pubs, hotels and developable land, all of them acquired by Irish banks in Northern Ireland. (…).

In December 2010, Irish president was forced to ask for an €85 billion bail-out from the European Union and the International Monetary Fund. The programme was concluded successfully last December.

Peter Robinson, prime minister for Northern Ireland calls the transaction ´excellent news´and explains that the assets remained underused for too many years. (…).

 

 

Original article: La Información (EFE)

Translation: AURA REE

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