Nama finalizes €5.6bn sale of Project Eagle loans

Nama has finalized the sale of its Project Eagle loans, mostly based in the North, to Cerberus Capital Management. The deal first emerged last month, among the assets are the Lanyon Plaza and the Soloist buildings in Belfast, developed by William Ewart properties. The terms of transaction are deemed commercially sensitive and have not been disclosed but followed an extensive and competitive sales process involving bidders from Europe and the US.

Nama is understood to have paid €1.3 billion (£1.1 billion) for a package of loans linked solely to assets and development in Northern Ireland which has formed part of the Project Eagle package.

Nama said the sale of its Project Eagle loan portfolio, which had a par value of €5.6 billion, represents the agency’s largest single transaction to date.