NAMA to bring five major portfolios of Irish property to the market in Q4 2014
The National Asset Management Agency (NAMA) has announced that it will bring five Irish property portfolios, with a combined value of approximately €600m, to the market in Q4 2014.
The portfolios will comprise offices, shopping centres, hotels and apartments.
This announcement is in line with NAMA’s publicly stated intention to bring property portfolio sales with a minimum value of €250m to the market each quarter.
The portfolios for sale will consist of:
- Two portfolios of Dublin offices, one of which will include prime offices at 4-5 Grand Canal Square
- One retail portfolio, comprising five regional shopping centres
- One residential investment portfolio, comprising approximately 600 apartments spread across seven locations in Dublin
- One hotels portfolio, comprising a number of regional hotels
The announcement was made by NAMA Chief Executive Brendan McDonagh at a conference hosted by the Construction Industry Federation (CIF) in Dublin today.
Mr McDonagh said:
“We are witnessing continuing strong levels of interest in Irish assets among both domestic and international investors. The pipeline of sales we are announcing today will provide these investors with enhanced visibility of NAMA’s disposal pipeline in the months ahead, in line with our commitment to bring portfolios with a minimum value of €250m to the market each quarter”.
Mr McDonagh also provided further details on NAMA’s plans to facilitate the development of new office accommodation in the Dublin Docklands. The NAMA CEO said that that Agency had completed a detailed business plan in respect of undeveloped land in the Docklands SDZ securing its loans and that initial strategies had been prepared for the 13 individual sites in which it has an interest. Mr McDonagh said that NAMA has an exposure to 75% of the undeveloped land within the SDZ.
A copy of the NAMA CEO’s presentation will be available on the NAMA website at www.nama.ie <http://www.nama.ie> .