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01/11/2011
NAMA Takes Over Further 48 Properties
A total of 48 new properties have been taken control of by the Irish Republic's National Asset Management Agency during September.
The properties are located in the UK, Clare, Cork, Galway, Wicklow and Sligo.
There are now 934 sites which are subject to the enforcement action.
Last week NAMA offered financing to help offload its commercial property portfolio.
The agency is willing to provide up to 70 percent vendor debt finance if significant equity capital is provided up front, Chairman Brendan McDonagh told a parliamentary committee on Wednesday.
"It's a very difficult market. Asset markets are declining rather than increasing. Asset values have to increase by 10 percent above 2009 before we see any profit.
"From our experience, there is no pot of gold out there," McDonagh said.
The product is aimed at pension funds, insurance companies, private equity firms and sovereign wealth funds.
(GK/BMcC)
The properties are located in the UK, Clare, Cork, Galway, Wicklow and Sligo.
There are now 934 sites which are subject to the enforcement action.
Last week NAMA offered financing to help offload its commercial property portfolio.
The agency is willing to provide up to 70 percent vendor debt finance if significant equity capital is provided up front, Chairman Brendan McDonagh told a parliamentary committee on Wednesday.
"It's a very difficult market. Asset markets are declining rather than increasing. Asset values have to increase by 10 percent above 2009 before we see any profit.
"From our experience, there is no pot of gold out there," McDonagh said.
The product is aimed at pension funds, insurance companies, private equity firms and sovereign wealth funds.
(GK/BMcC)
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