Pimco seeks Nama’s €4bn Northern Ireland property portfolio

Pimco, the global asset management giant with close to $2 trillion under management, has approached the National Asset Management Agency to buy its entire €4 billion loan portfolio in Northern Ireland.

The international investment giant is also understood to have made it known to senior politicians in the North in recent months that it was interested in acquiring outright Nama’s northern portfolio.

The approach, which has been quietly in the works since before Christmas, could trigger a bidding war for Nama’s NI property portfolio among a select number of the world’s largest property funds.

Although Nama's loans have a face-value of €4 billion it is thought likely only to be worth around €1 billion if put on the market in part because of the amount of development land in its portfolio. Pimco appointed Laurent Luccioni as head of commercial real-estate portfolio management Europe last year.

Mr Luccioni did not return calls for comment.

Pimco has previously acquired a number of assets in the Republic, including 25 properties developed by Liam Carroll in a joint venture with Brehon Capital Partners, which it acquired from Lloyds bank.

In a statement Nama said: “Nama constantly reviews its portfolio to assess opportunities for maximising returns from loans or assets within the portfolio.

“In addition, it frequently receives approaches from investors expressing interest in acquiring loans or assets in its portfolio and reviews such approaches on an ongoing basis.” It declined to respond further.

Northern Ireland's First Minister Peter Robinson is believed to be supportive off a private equity bid for Nama's Northern Ireland loan book. "The creation of Nama and its implications for Northern Ireland have been far reaching," he said at a DUP event last September.

“Holding on to assets to realise their value in their long term does little to boost our economy right now,” he added.

“If these assets could be liberated then there is no doubt that they could play a major role in creating jobs in the construction sector and getting our economy moving.”