Cerberus Capital Management, Lone Star Funds and CarVal Investors are expected to be among the bidders for a forthcoming loan sale from the National Asset Management Agency (Nama), the disposal of the €4.7 billion Project Ruby and Emerald portfolios.

Loans in the Project Emerald have a par value of € 2.5 billion secured against 236 properties, and about 80 per cent of the portfolio is commercial property, with the remaining 20 per cent residential. Project Ruby is made up of € 2.2 billion of loans secured against 253 properties, with about 11 per cent of this portfolio residential. It’s understood that the residential element of the loan books includes apartment blocks around Dublin, while two thirds of the properties in the portfolios are based in Ireland. First round bids are said to be due by April 20th fo r the porfolios.

All of the interested buyers have already been active in Ireland. Cerberus, the US fund, in 2014 bought Nama’s Northern Ireland loan book, Project Eagle, which is the subject of parliamentary and criminal investigations; Lone Star Funds has acquired several loan portfolios, including the €900 million acquisition of Jurys Inn and the Project Clear portfolio; and CarVal’s deals include the € 500 million Project Connacht sale.

Cerberus and CarVal declined to comment; Lone Star also declined to comment. NAMA declined to comment.

(Additional reporting Bloomberg)