American fund is putting Portrush assets on market

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Assets formerly held by the Republic’s bad bank Nama are on the market in Northern Ireland in sales worth a potential £5m.

Properties and land which were formerly owned by Kennedy Group in Portrush, which also owned the Ramada Hotel in the town, are among the first to be put on sale by new owners Cerberus.

According to agents Lambert Smith Hampton, the entire portfolio should fetch £5m.

American fund Cerberus purchased all the loans held by Northern Ireland-based debtors of Nama in the £1.3bn Project Eagle transaction.

The proposed sale by Lambert Smith Hampton of the Kennedy assets, which include a retail park in Londonderry and a plot of residential land next to Portstewart Strand, is the first major sale in Northern Ireland by Cerberus.

Stuart Draffin, Lambert Smith Hampton, said: “We are encouraged by the level of interest in the assets from speculators, developers and end users. The portfolio comprises residential and commercial development sites, office, retail and industrial.