23/05/2012

Nama Plan To Invest €2bn

Chairman of the National Asset Management Agency (Nama) announced today that they are to invest about €2 billion by 2016, creating up to 35,000 jobs.

Speaking in Galway this morning, Frank Daly said the money would be used to both complete construction work already in progress and to develop greenfield sites, with Nama anticipating supply shortages in some market segments in the future.

Mr Daly said the investment could potentially generate 25,000 jobs in construction and a further 10,000 jobs in the wider economy.

“Our view is that long-term prospects for much of this property are good. On that basis, we propose to invest, particularly over the next three years, with a view to ensuring that this property is available to meet commercial and residential demand over the rest of the decade," he said in Galway.

''In some market segments - large offices, for instance - supply shortages are already emerging and we plan to address that now.''

Nama will lend at least €2 billion in vendor finance to acquirers of commercial property, and plans to attract major institutional investors to buy properties through a Qualifying Investor Fund.

Property industry representatives, who said the package would stimulate activity in the sector, welcomed the news.

(H)


Related Irish News Stories
Click here for the latest headlines.

18 September 2014
Galway City Council Reject Local Property Tax Reduction Proposal
Galway City Council has rejected a Sinn Féin proposal to reduce the Local Property Tax next year. The council discussed a Sinn Féin proposal to reduce the tax by 15% in 2015, however, following the debate, the council voted against the move. Ten councillors voted against, seven in favour and one abstained.
22 October 2014
NAMA Questioned Over Sale Of Property Assets
The Minister for Finance is being urged to attend a debate in the Seanad in relation to NAMA's strategy of selling off property assets while the property market is still in recovery. Labour Senator Lorraine Higgins said this will result in the Irish taxpayer missing out on potentially higher revenue from property deals.
01 October 2014
NAMA To Sell Five Irish Property Portfolios
The National Asset Management Agency (NAMA) has announced that it will sell five Irish property portfolios, with a combined value of approximately €600m, over the next three months. The portfolios will comprise of offices, shopping centres, hotels and apartments.
17 January 2014
Ireland Property Crash Is Over - NAMA
The property crash in Ireland is over, according to the Chairman of the National Asset Management Agency Frank Daly. Mr Daly was speaking at a briefing in Cork when he said that property market had moved into a "different phase" with prices beginning to "move off the bottom".
01 August 2012
NAMA Launch Vacant Property Scheme
The National Asset Management Agency (NAMA) is stepping up efforts to free vacant properties around the country for social housing. NAMA has reportedly set up a new firm called Nama Asset Residential Property Services Limited, to acquire the target of almost 2,500 properties by the end of 2013.