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BAD BANK NAMA will sell five Irish property bundles worth an estimated €600 million over the next three months.
Two office portfolios – including dual Daniel Libeskind-designed buildings at Grand Canal Square – five regional shopping centres, and several regional hotels will all be up for grabs.
One of the Grand Canal office complexes houses Facebook’s European headquarters after the social media company moved its operations there earlier this year.
NAMA also said it was offloading about 600 residential units across seven sites in Dublin as part of the sales binge, but it refused to release further details about any of the properties being sold.
Chief executive Brendan McDonagh made the announcement at a Construction Industry Federation (CIF) conference in Dublin, where he said there was strong interest in Irish assets from local and overseas investors.
He said the latest portfolios being put on the market would give “enhanced visibility” to the agency’s sales approach, which was to sell assets worth at least €250 million every three months.
Dublin docklands plan
The vast bulk of the NAMA’s assets are held in Dublin and it plans to build 4,500 new houses and apartments up to 2016, and potentially another 20,000 homes after that.
McDonagh said the agency also had a detailed plan for building new offices on undeveloped land in Dublin’s docklands area, where it owned 75% of the unused property.
It has two sites in the advanced stages of development planning at Boland’s Mill and North Wall Quay.
The agency has previously outlined its scheme for a €200 million residential and office complex to be built on the derelict Boland’s Mill site.
A similar plan is in place for the North Wall Quay property, which neighbours the half-completed complex NAMA sold to the Cental Bank of Ireland for the bank’s new headquarters at a price of €7 million in 2012.
READ: ‘It’s tough against faceless power on that level’ – cultural groups fight losing battle with NAMA
READ: Facebook tops list of Dublin office deals. Here’s the full top 10
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Probably not telling you cause you’re a bit tabloidish and sensationalist.
Maybe they are not telling after making a Canadian company the biggest landlord in the state with their quick cut price sales, maybe the next biggest landlord in the state will be chinese,,this corrupt government have sold this country down the swanny with their lies and deceit , it will all come out in the end
Enda will tell us…Enda tells us everything because he says ‘paddy likes to know’…that right Enda?
That’s if Paddy’s not “going mad borrowing money”
One of the biggest problems in this state is that the average person doesn’t understand money, where it comes from, how it’s made, and what it’s worth.
This should be taught in schools, but it will not be, because this fiasco would simply not be allowed if the citizens understood the above.
Yes it is at schools already. Its not the states fault so many stupid people live here.
Enlighten us then oh wise one
It would be foolish to assume 4 years of education can be explained in the space of one comment. Although, you’ve probably proved the point.
Surely we should be concerned at the fact that there is a large possibility a lot of these assets are being sold too quickly and not get best value
Its all very political in the run up to the next general election to push through sales quickly
NAMA’s residential units should be given to councils for social housing rather than councils building new homes at more expense.
And what about the normal people who may want a house, who don’t qualify doe social housing. The problem is the welfare state gives to much to the people.
No they shouldn’t …..
Where’s SeanieRyan? He’ll know what to do
Why sell a government commercial asset that is subject to upward only rents. If it is leased at a current market rate then it must be in profit which would have a longer term benefit to the country than a quick asset sale.
If it’s leased it must be profitable?
No, not at all. NAMA borrowed billions to buy the loans. They have to sell the properties to pay them back.
…may as well be the Namibia Annual Music Awards
It’s been proven over and over again that the emperor isn’t wearing any clothes, but most people don’t like to look at naked emperors. FZ
Nama wont pay for water charges….
Pass the book…
Whoa! NAMA is becoming a developer? Building houses? ?? Time to get out now.
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