Based on the recommendation of its adviser, Lazard, the National Asset Management Agency (NAMA) has announced the sale, subject to contract, of the Project Eagle portfolio of loans to affiliates of Cerberus Capital Management, L.P. (Cerberus).

The portfolio consists of loans owned by Northern Ireland-based debtors and secured by assets in Northern Ireland, the Republic, Great Britain and other European locations.

The portfolio has a par value of £4.5bn. The terms of transaction are commercially sensitive and are not being disclosed.

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The transaction represents the largest single transaction by NAMA to date. It follows an extensive and competitive sales process involving bidders from Europe and the United States.

Commenting on the transaction, NAMA Chairman, Frank Daly, and NAMA CEO, Brendan McDonagh, said: "This transaction represents a significant achievement for NAMA. It is NAMA's biggest single transaction to date and we are satisfied that the sales process will deliver the best possible result for the Irish taxpayer.

"NAMA management of this portfolio has been measured and supportive taking into consideration the particular circumstances in the Northern Ireland economy. We are assured by Cerberus that they will adopt a similar approach."

(CD)