Lone Star Funds and Oaktree Capital Group LLC are among bidders shortlisted for two portfolios of soured loans with a combined face value of 4.7 billion euros ($5.4 billion) being sold by Irelandâ€™s so-called bad bank, according to two people with knowledge of the matter.
Cerberus Capital Management LP is also bidding for both the Project Ruby and Project Emerald portfolios owned by the National Asset Management Agency, according to the people, who asked not to be identified because the process is ongoing.
The Irish government set up NAMA in 2009 to take over 74 billion euros of commercial real estate loans held by the countryâ€™s banks and sell them over as many as 10 years. The agency, which has said itâ€™s on target for a 2 billion-euro surplus, could achieve a third of its annual sales forecast with the disposal of Ruby and Emerald, according to a report by broker Cushman & Wakefield Inc.
Spokesmen for NAMA, Cerberus and Oaktree declined to comment.