Nama considers sale of shopping centre loans

Ireland’s National Asset Management Agency (Nama) is weighing up the sale of loans linked to Ireland’s largest shopping mall and two other retail centres in Dublin, sources said.

The loans are for the Dundrum Town Centre, a 150,000 square-metre (1.6m square-foot) mall in south Dublin, and 50% stakes in the Pavilions shopping center in Swords and the Ilac Centre in the city centre. The Dundrum mall is said to be worth about €1bn.

Irish investors, including Nama, are selling properties and loans to take advantage of rising investor interest. More than €21bn of property loans were sold last year, broker CBRE Group said in a report yesterday.

Nama spokesman David Clerkin, who works for public relations firm Gordon MRM, declined to comment.

The malls are owned by developer Joe O’Reilly’s Chartered Land Ltd. O’Reilly didn’t respond to a request for comment.

Nama agreed to buy Royal Bank of Scotland Group Plc and KBC Groep NV loans to Dundrum, its first purchase of debt not belonging to the country’s bailed-out lenders, sources said in April, giving it full control of the debt.

* Bloomberg


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