Only two bidders are left for the portfolio of over 1,500 relatively small commercial and residential loans being sold off by the National Asset Management Agency (NAMA) under the code-name Project Arrow, which have a combined nominal value of more than €7bn.
The UK online property site, Co-star reports this morning that the consortium of Goldman Sachs/Car Val have withdrawn from the process leaving two bidders in the race – the giant US investment houses, Cerberus Capital Management and Apollo Global Management
Cerberus was the winner of the bid for NAMA’s controversial Project Eagle portfolio of loans in Northern Ireland, which is the subject of enquiries in the UK about the process and the alleged involvement of politicians and other third parties.
The US Department of Justice is also investigating the purchase of the property portfolio - it has sent a subpoena for information to Cerberus Capital Management in New York.
