Nama has three bids for Project Jewel portfolio

Nama has received three binding bids from a reduced pool of interested parties for a large-scale property portfolio which includes loans relating to Dundrum Town Centre.

The original group of five bidders for the Project Jewel portfolio — which also includes a 50% stake in two other major Dublin shopping centres — has been reduced to just three after one bidder pulled out and another two merged.

The three finalists are a joint bid from US real estate firm Hines and Kuwait Investment Authority; the newly merged bid from Allianz Real Estate and UK Reit (real-estate investment trust) Hammerson; and the Los Angeles-based private investment firm, Colony Capital.