Over 30 bids received for former Anglo loans


#1

Over 30 bids received for former Anglo loans - Peter Flanagan -> independent.ie/business/comm … 98359.html


#2

Not so sure that this is such a great number.
You can bid for all or any combination of what are hundreds of real estate assets.
This in itself should generate lots of bidders and bids.

The qualification bar for getting into the process was also not high.
(in fairness they wanted a full and open process which is right)

With NAMA reserving a discount rate of 4.5%, you can forget any of the ‘distressed’ funds.
Outside of trying to construct very large bids, they distressed funds have left.
The government - now backed by Draghi - have so far held their nerve against their offers.
They are getting better results selling assets individually.

I suspect that a chunk of assets will go to some international reits / property funds etc.
The vast bulk of these real estate assets however are on their way to NAMA.
With an almost zero cost of capital, NAMA needs the spread fill holes elsewhere.