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Ireland's National Asset Management Agency to cash in its UK loan portfolio

The Irish "bad bank", the National Asset Management Agency (NAMA), is to abandon all his property in London in 2013 in what could be the biggest ever fire sale of trophy buildings in the British capital.

It will sell or refinance the entire portfolio of properties under its control, after being accused of getting rid of the mountain of debt accumulated by the developers at Ireland's booming property disastrous. Among the buildings made available or Refinancing Citigroup Tower in Canary Wharf, the Louis Vuitton store on Bond Street and the site of block 23 Savile Row Mayfair office.

With some € 19 billion (£ 16.5 billion) to his office, the Nama is now one of the principal owners of London with assets throughout the city. Its portfolio includes the site of Odeon Cinema Leicester Square, the Crowne Plaza Hotel in Shoreditch, a shopping mall in Ealing and at least a half dozen blocks of flats in the Docklands.

Emmett Graham, head of lending and corporate finance to the agency, told Property Week: "The UK is a more liquid real estate market as Ireland and structurally, with 27% of portfolio ready here is where we can achieve our near-term goal of 25% refund bonds Nama in 2013.Thus, we plan to try to get out of the UK exhibitions in the next two to three years, thanks to asset sales and refinancing borrower leads. "

The paper describes the development of trade as "one of the most spectacular sales in the market has ever seen."

The decision to leave London is a turn for the agency, which so far has indicated that it would go to London and property for the orderly sale of more than seven to 10 years to benefit from increased market . CEO of the agency, Brendan McDonagh, said last month it would seek to eliminate only 25% of its portfolio in the UK in 2013.

But the leading commercial property firm DTZ said Nama was a wise amid fears that the value of its portfolio in Ireland, down 50% in places, could be even more battered.

"You have to remember Nama has a duty to the taxpayer and must get a return. There was much uncertainty over the last couple of years and I think they have rightly said, we'll go to him and get loot in. Their view is the UK market is strong, "at he said. There is a drought of good quality property on the market and NAMA would do well, he said.

Fergus Keane, head of investment at DTZ West End, said: "There is no such thing as a fire sale in London, nothing is cheap History is not everything must go, but will at the highest price ..