A number of international funds are expected to bid as the National Asset Management Agency (NAMA) seeks to sell property loans worth €4.7bn.

NAMA will sell two portfolios comprised of loans relating to mainly residential properties.

The Irish Independent reports that a number of these loans are connected to apartment blocks, many of which are located in Dublin.

The loans have a par value of €4.7bn, but they are expected to sell for significantly less than that.

NAMA is mandated to secure the best price available for the assets which it manages. Previous similar sales have been snapped up by major US investment funds who have remained active in the Irish market through the recession and recovery.

The sales process for Project Ruby and Project Emerald formally began yesterday, loans from hotels, commercial property and development land are included in the bundles. Cushman and Wakefield is managing the sale.

NAMA is believed to be set to meet its target of redeeming 80% of its senior debt nine months ahead of its target.