Ireland's bad bank NAMA has kick started the highly anticipated sale of its Project Gem portfolio, an unnamed analyst said during the first day of the Expo Real real estate trade fair on Tuesday.
'I would expect the usual private equity players to be interested,' he said. 'First-round bids are due by the end of October and it's conceivable that the deal could close by the year-end.'
The portfolio is expected to sell at a significant discount, according to those who track the market. It comprises mainly commercial properties in Ireland.
Earlier this year, US private equity group Oaktree Capital acquired the Project Ruby and Project Emerald loan portfolios from NAMA with a face value of €4.7 bn, reportedly beating rival US private equity groups Lone Star and Cerberus. The purchase price was not disclosed.
