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Ireland’s NAMA sells retail portfolio for €1.85b

by Andrea Waitrovich

A joint venture between U.K.-based Hammerson and Germany-based Allianz Real Estate has been selected by Ireland’s National Asset Management Agency as the preferred bidder for the Project Jewel portfolio.

NAMA said the portfolio is to sell for almost €1.85 billion ($2.08 billion), which would represent the bad bank’s largest single transaction to date.

The portfolio of loans secured on real estate assets, called Project Jewel, includes Ireland’s only super-prime regional shopping center, Dundrum Town Centre in Dublin. It also includes 50 percent stakes in two other Dublin shopping centers, the ILAC Centre and Swords Pavilions, and a number of strategic development sites.

The portfolio attracted bids from Hines, the Kuwait Investment Authority, J.P. Morgan Asset Management and the Abu Dhabi Investment Authority.

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