Project Eagle loan property values soar 20%

Commercial property values across a large chunk of the Project Eagle loans in Belfast have soared up to 20% since Nama signed off on the controversial transaction for €1.6bn just over a year ago, the Irish Examiner has confirmed.

The sale of Project Eagle —the codename for the huge 2014 auction of €5.7bn in distressed Northern property loans — sparked a furore after allegations in the Dáil that a northern politician and ‘fixers’ were to benefit from fees paid by external advisers employed by the winning bidder Cerberus.

The rate of price increases in the commercial property market in Belfast underpinning the Project Eagle loans was hotly disputed when Nama chiefs met the Dáil’s Public Accounts Committee last week.