Following a competitive tendering process which was launched in January 2014, NAMA has selected Capita Asset Services (Ireland) Ltd. as its preferred bidder to provide primary and special services on the portfolio of commercial property loans which it may acquire from the Special Liquidators to IBRC.
The appointment is subject to agreement on contractual terms.[rev_slider Surety]
Following an earlier tendering process, NAMA had selected Certus in July 2013 as its preferred bidder (subject to contract) to provide primary and special services in respect of this portfolio. At the time of tendering, the portfolio of commercial property loans was estimated to have an aggregate nominal par debt value of €20 billion.
Based on the volume of sales carried out to date by the Special Liquidators and on the level of investor interest in the other IBRC portfolios, NAMA has been advised by the Special Liquidators that the volume of commercial property loans transferring to NAMA could be substantially less than initially envisaged and that a large proportion of the loans which may transfer will be those of debtors with smaller debt exposures. Given the fundamental changes to the size and characteristics of the commercial property loan portfolio likely to be acquired by NAMA, the NAMA Board decided in January 2014 to launch a new tender process for the provision of primary and special services on this portfolio.
The Special Liquidators to IBRC advise that the bidding process for the Irish commercial loans portfolio (Project Stone) is expected to close on Friday, 21 March 2014.