Fund in disputed Nama deal wins portfolio sale

Controversial US fund Cerberus has won a final shoot-out in the latest Nama auction of debtors’ loans — known as the Project Arrow portfolio — which were worth €6.25 billion at face value.

Cerberus is said to have paid about €800m for Project Arrow which consists of 302 small debtors in an underperforming portfolio of 1,906 properties and assets.

When measured by the original par value of the loans, the Project Arrow sale is Nama’s largest transaction to date, but the proceeds are much smaller than the agency’s other high-profile auctions because of the poor quality of the loans.