NAMA sticks to loan book sales target

NAMA is sticking to itstarget of selling 25% of its loan book by the end of 2013, even as property values in its biggest market plunged.

In the last two years, NAMA has raised €3.1 billion from divestments, chief executive officer Brendan McDonagh said in an interview at the company’s headquarters in Dublin. The asset manager needs to sell €9bn of property loans and real estate to meet its €7.5bn debt-repayment goal by the end of 2013, he said.

NAMA acquired assets from Irish banks with a face value of €71.2bn in the past two years and expects to purchase an additional €1.9bn in the fourth quarter, according to documents distributed to its potential advisers. The agency has paid €31.5bn for the loans and plans to sell them by 2019.