The National Asset Management Agency (NAMA) has this morning confirmed it has sold the loans linked to Dundrum Shopping Centre and other major retail assets in the Greater Dublin Area, to a joint venture of the publicly-quoted UK property company, Hamerson, and Allianz Real Estate, the property division of the giant German insurance company

NAMA has also confirmed that the price paid by the joint venture is just under €1.85bn, at the higher end of recent speculation, and a near 30% discount to their par or nominal €2.6bn value of the loans.

The transaction, NAMA’s largest to date, also includes loans relating to 50% of the ILAC centre in north central Dublin, the Pavillions Shopping Centre in Swords and a number of development properties at the northern end of O’Connell Street.

Hamerson, which has a significant shareholding in the Kildare Village outlet is stumping up most of the transaction price and will open a new Dublin office.

NAMA's chief executive Brendan McDonagh commented on the sale:

"We are delighted that institutions of the calibre of Hammerson and Allianz have shown huge confidence in Ireland by this strategic investment in a unique, high quality portfolio.

"The competitive tension throughout the loan sales process is continuing evidence of the strong investor appetite for property-related loans in Ireland."

The transaction is expected to complete before the end of October.