NAMA brings Project Albion to market

NAMA has put its first ever multi-borrower loan portfolio on the market, Project Albion is believed to be comprised of legacy Allied Irish Bank loans secured by predominantly UK commercial properties.

Project Albion is comprised of 22 loans across eight separate borrower connections and secured by 25 assets, and marks a departure of loan portfolio sales comprised exclusively of one borrower connection per loan transaction.

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One of the borrower connections is secured by collateral in the Netherlands. All but one of the 22 loans are in default.

Speaking at a conference in London last September, NAMA portfolio manager Hugh MacNish Porter said the agency was currently assessing how best to sell loans linked to its 100s of smaller debtors – who owe millions rather than hundreds of millions of euro each, selling smaller loan pools is one option, he said.

NAMA is currently selling six separate loan portfolios – projects Arrow, Tolka, Jewel, Milner, Abbey and Albion – for a combined nominal value of approximately €12.9bn, although these loans will in certainly have been purchased for well below the blended 58% discount when NAMA was established.

  • the €8.4bn Project Arrow is secured by approximately 90% Irish real estate and 10% UK real estate, and is virtually all non-performing.
  • the c.€1.5bn Project Tolka, secured by the loans of developers Paddy Kelly, John Flynn and Alanis, a property investment company controlled by the McCormack family.
  • the c.€1bn Project Jewel, secured by Chartered Land’s Dundrum Town Centre, as well as two smaller shopping malls.
  • the €778m Project Milner, secured by Gerry Barrett’s 10-strong property portfolio comprised of 10 assets including the G Hotel in Galway and the D Hotel in Drogheda.
  • the c.€700-750m Project Abbey, the loan book of Pat Doherty’s Harcourt Developments. KPMG is selling the loan portfolio.
  • the £226m Project Albion, a predominantly UK commercial property loan portfolio comprised of a eight borrower groups. There is also some exposure to assets in the Netherlands.