Orion Capital Managers has been selected as preferred bidder for a loan portfolio with a face value of EUR 600 mln being sold by Ireland's National Asset Management Agency, according to a news report in PropertyWeek.

Sources close to the company claim that the London-based opportunity investor is in exclusive negotiations to acquire the portfolio for around EUR 200 mln, reflecting a discount of nearly 70%. The loans are predominantly secured against brownfield development sites in the UK, France and Italy.

Orion declined to comment on Friday. CBRE is advising NAMA on the sale.