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NAMA appoints advisory panel and steps up debt sales

January 16, 2012

Ireland’s National Asset Management Agency has appointed thirteen advisors to parcel up loans across Europe from individual borrowers and sell them off.

The thirteen-strong panel includes Brookland Partners; The Debt Exchange (see profile in December 2011’s Real Estate Capital); Eastdil Secured; Lazard; Cantor Fitzgerald; KPMG; Ernst & Young; Goldman Sachs; UBS; CBRE; Jones Lang LaSalle; Savills; and Cushman & Wakefield.

NAMA is  considering putting all the loans from individual borrowers – whether performing or non-performing, in the UK, Germany or elsewhere – into single packages and selling them off. Thus an investor would effectively buy all the debt associated with one borrower.

The three-year contract was awarded based on the most economically beneficial tenders in terms of process and execution methodology; proposed team; and fees – and not on the lowest price.

NAMA received 26 offers in total between late September and early November, and is known to have sent rejection letters to Morgan Stanley; Hatfield Philips; and Auction.com, before the winning bidders were officially informed they had been successful. The decision had been made by 3 January but was not announced for a further 10 days.

A second, ten-strong panel has been assembled by NAMA to advise the government agency on loan sales in the US. It is comprised of The Debt Exchange; Eastdil Secured; Lazard; KPMG; Ernst & Young; CBRE; Jones Lang LaSalle; Credit Suisse; Houlihan Lokey; and Holliday Fenoglio Fowler.

Lauren Parr, news editor

See January’s issue of Real Estate Capital, out next Monday, to read the views on 2012 of British Land’s Chris Grigg, Hammerson’s David Atkins, Delancey’s Jamie Ritblat and Max Property’s Nick Leslau.

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