Ireland’s NAMA sells $5.3 bln loan portfolio to U.S. firm Oaktree, says source: Reuters

Ireland’s state-run “bad bank” selected U.S. private equity firm Oaktree Capital Group LLC as preferred bidder for two portfolios of non-performing loans that have a combined par value of 4.7 billion euros ($5.3 bln), a source close to the deal said on Thursday.

Oaktree beat Cerberus and Lone Star to secure the Project Ruby and Project Emerald portfolios, said the source, without giving the price paid for the loans. A spokesman for NAMA declined to comment.

NAMA became one of the largest property groups in the world when it was established in 2009 and paid 31.8 billion euros to rid local banks of 74 billion worth of risky loans made before a property market collapse in Ireland.

NAMA said this week it was set to make a profit of 2.3 billion euros by the time it winds down in 2020.