Pimco Keen on Ireland’s NAMA Real Estate Loan Assets


Laurent Luccioni, PIMCO, executive vice president and head of commercial real estate investments, Europe

Ireland’s National Asset Management Agency (NAMA) owns a portfolio real estate loans that were originated by Dublin-based banks. California-based asset manager Pimco is seeking to purchase NAMA’s €4 billion loan portfolio in Northern Ireland. The portfolio could be worth approximately €1 billion if it were put on the open market. Part of the loan portfolio includes undeveloped land which negatively affects the face value of the portfolio.

Pimco with nearly $2 trillion in assets under management has approached Irish policymakers in late 2013 about their intentions to acquire the massive loan portfolio. Pimco previously touted itself as the “authority on bonds.” Other institutional investors have expressed interest in the property loan portfolio as well.

In reaction to investor requests on the loan portfolio, NAMA released a statement, “Nama constantly reviews its portfolio to assess opportunities for maximising returns from loans or assets within the portfolio.”

NAMA added, “In addition, it frequently receives approaches from investors expressing interest in acquiring loans or assets in its portfolio and reviews such approaches on an ongoing basis.”

Pimco Bets on Global Deleveraging in Europe

Pimco executives have been expanding investment capabilities in European fixed income, particularly in property loans. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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