The National Asset Management Agency (NAMA) has confirmed it has sold a portfolio of Northern Ireland loans worth up to stg£4.5 (€5.44) billion.

The deal is the single biggest NAMA transaction to date, and follows an extensive sales process involving bidders from Europe and the US.

The loan book is known as 'Project Eagle' and includes a series of commercial properties in Northern Ireland.

It was reported to have been initially purchased by NAMA for stg£1 billion. The sale, to affiliates of Cerberus Capital Management, is subject to contract.

The portfolio is made up of loans owned by Northern Ireland-based debtors and secured by assets in Northern Ireland, the Republic, the UK and other European locations.

The terms of transaction are said to be commercially sensitive and are not being disclosed.

On the transaction, NAMA Chairman Frank Daly and CEO Brendan McDonagh said "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" their statement added.