NAMA chairman says time was right to sell Battersea site

NAMA Chairman Frank Daly has stated that the timing was right when selling the Batersea site in London.

The disposal was described as “the deal of the century” by Kevin McCauley, senior director of research and consulting at CBRE in London.

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Mr Daly stated that: “We didn’t sell early, we sold at the right time. We sold that loan for £500m (€600m). So we got back the full value of the loan.”

He says that NAMA was “very, very satisfied with our decisions on London”. The proceeds of British sales were used to fund its early bond repayments at a time when the Irish market was fragile, he said.

The agency is now actively selling here, with €4.5bn of its assets up for sale across the island of Ireland.