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03/12/2015
NAMA To Invest €7.5bn In Funding Programmes
A total of €7.5 billion is to be invested by the National Asset Management Agency (NAMA) in two new funding programmes, it has been announced.
The docklands and residential projects aim to deliver 4 million sq ft of new commercial space in the docklands region along with 20,000 new homes in the city.
Funding of €5.6bn is required for the residential programme, with peak funding anticipated to be €1.8bn.
Proceeds from the sale of completed projects are to be recycled to fund new 'commercially viable' projects.
In addition, the Dublin Docklands SDZ development programme will require total funding of €1.9bn with peak funding up to €500 million, including €170m for the Boland's Quay offices, apartments and shops.
NAMA Chief Executive Brendan McDonagh said: "This funding programme is designed to maximise the return to Irish taxpayers on NAMA's secured assets. These are commercial ventures and they will also contribute to making the Dublin Docklands a better place to live, work, invest and create jobs. We are on track to make a significant contribution to delivering large numbers of quality new homes where people need them but it will still only be 20% of the forecast market demand."
Up to 30,000 construction and ancillary jobs are to be created by the programmes.
(LM)
The docklands and residential projects aim to deliver 4 million sq ft of new commercial space in the docklands region along with 20,000 new homes in the city.
Funding of €5.6bn is required for the residential programme, with peak funding anticipated to be €1.8bn.
Proceeds from the sale of completed projects are to be recycled to fund new 'commercially viable' projects.
In addition, the Dublin Docklands SDZ development programme will require total funding of €1.9bn with peak funding up to €500 million, including €170m for the Boland's Quay offices, apartments and shops.
NAMA Chief Executive Brendan McDonagh said: "This funding programme is designed to maximise the return to Irish taxpayers on NAMA's secured assets. These are commercial ventures and they will also contribute to making the Dublin Docklands a better place to live, work, invest and create jobs. We are on track to make a significant contribution to delivering large numbers of quality new homes where people need them but it will still only be 20% of the forecast market demand."
Up to 30,000 construction and ancillary jobs are to be created by the programmes.
(LM)
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Ireland WeatherToday:Scattered sleet and snow showers will turn increasingly heavy and more frequent in the afternoon across the north. Largely dry with sunny spells in the south, but showers spreading here towards the end of the day. Maximum temperature 4 °C.Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
