The National Asset Management Agency has relaunched the sale of Project Tolka, a portfolio of loans with par value of €1.5 billion.

Nama pulled the sale of the portfolio, comprising of loans linked to property developers and investors Paddy Kelly, John Flynn and the McCormack family, who own property investment group Alanis, a year ago as Mr Flynn was in talks at the time to refinance his loans with the agency.

It is understood that Nama has hired Eastdil Secured to manage the sale of the loan portfolio, which continues to have loans linked to Mr Flynn.

Nama declined to comment.