The Kuwait Investment Authority is one of five short-listed bidders for Project Jewel, the high profile portfolio of mainly retail assets including Dundrum Shopping Centre, which NAMA expects to sell for up to €1.7bn, according to reports at the weekend from Bloomberg and CoStar Finance.

The shortlisted bidders include Hines, the US property specialists who have invested in the Liffey Valley Shopping Centre and who plan to develop a giant residential complex at Cherrywood in South Dublin. Hines has partnered with the Kuwaitis, according to reports.

Also in the mix, are Hammerson, the British property investment REIT; Allianz Real Estate, the property division of the German insurance group, which hasn’t invested directly in Ireland before; Davidson Kempner, an American Institutional investment firm and Colony Capital, the real estate investment firm and recent backer of developers, Paddy McKillen and Johnny Ronan.

Project Jewel, includes Dundrum Shopping Centre and adjoining residential development sites and 50 percent stakes in the ILAC shopping centre in Central Dublin and in the Pavilion Shopping Centre in Swords.