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Nama loan book 'worth six times sale price'

By Staff Reporter

Published 05/08/2015

Nama's Northern Ireland loan book could have been worth up to £8billion - six times its sale price, it has been claimed.

The assets were sold en mass to a US private equity firm last April in a £1.3bn deal. They had a face value of around £4.5bn.

The firesale - Northern Ireland's biggest ever property deal - gave Cerberus Capital Management control of 850 properties.

They include the Lanyon Plaza and the Soloist buildings in Belfast. Properties outside of Northern Ireland, owned by Northern Irish debtors, also formed part of the huge portfolio.

However, a full inventory of the disposed assets was never disclosed because it was considered commercially sensitive.

Ukip leader David McNarry said full details of the sale need to be made public amid a growing scandal around the deal.

The independent TD Mick Wallace has claimed £7m in an offshore bank account was earmarked for a Northern Ireland politician.

The allegations are under investigation by the National Crime Agency.

Mr McNarry said there were wider questions about the whole deal, saying the sale price fell woefully short.

He said it was clear Cerberus had taken advantage of "a crazy deal".

"I have confirmation from those experienced in the local property market that a property portfolio with a book trade price of £4.5bn would fetch between £6bn and £8bn on the open market at current resale prices," he said.

"This is a massive return on an outlay of £1.5bn paid to Nama for its Northern Ireland property portfolio.

"It represents £6bn to £8bn under the control of one company. It is up to six times the amount paid out."

In response Nama said: "This claim has no factual basis whatsoever."

A senior official previously defended the deal.

Belfast Telegraph

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