NAMA confirms biggest transaction yet with sale of €1.8bn Project Jewel portfolio
Nama has announced the sale of its Project Jewel loan portfolio.
It relates to loans secured on assets including Dundrum Town Centre and ownership interests in the ILAC Centre and Swords Pavilions shopping centres in Dublin.
The deal is worth €1.849bn and represents the largest single transaction by Nama to date.
The Project Jewel loan portfolio has a par value of approximately €2.6bn.
It was sold to a joint venture of Hammerson plc and Allianz Real Estate Germany GmbH, a wholly owned subsidiary of Allianz.
The transaction is expected to complete before the end of October.
Eastdil Secured, the US investment firm, managed the sale on behalf of NAMA.
"We are very pleased with the successful outcome of this competitive loan sale which represents NAMA’s biggest single transaction to date," said NAMA chief executive Brendan McDonagh.
"The competitive tension throughout the loan sales process is continuing evidence of the strong investor appetite for property-related loans in Ireland.
"We are delighted that institutions of the calibre of Hammerson and Allianz have shown huge confidence in Ireland by this strategic investment in a unique, high quality portfolio."
Commenting on the transaction, David Atkins, CEO of Hammerson, said: "Hammerson, together with its joint venture partner, Allianz, is delighted to confirm its acquisition of the Project Jewel loan portfolio.
"We believe that our offer represents a compelling mixture of international and local real estate investment expertise together with leading asset and development management skills, and we look forward to playing our part in ensuring that the underlying assets meet their future potential for the surrounding communities.
"The transaction provides a unique opportunity to increase our exposure to Europe’s fastest growing economy, creating a platform for significant investment and employment opportunities going forward.
Annette Kröger, CEO of Allianz Real Estate Germany, said: "Our investment into Project Jewel is an important step to a further diversification of Allianz´s real estate portfolio.
"It is a very attractive opportunity to get exposure to the dynamic Irish market. We are pleased to cooperate again with Hammerson as our JV partner."
