NAMA to sell €400m property portfolios in the coming weeks

Tuesday 24 September 2013 12.52
NAMA chairman Frank Daly says property market in general is stabilising
NAMA chairman Frank Daly says property market in general is stabilising

The National Asset Management Agency plans to sell two property portfolios worth up to €400m in the coming weeks, chairman Frank Daly said today.

NAMA has sold most of its stock to date in the UK, but it is becoming more active in Ireland where property prices are stabilising.

The agency sold its first portfolio of Irish commercial property loans in May.

NAMA chairman Frank Daly predicted that the pace of sales activity in the domestic market, where over half of its properties are located, will pick up perceptibly in the coming months.

"We will be bringing two portfolios, prime retail and residential as well as offices, with an estimated value of €350-400m, to the market over the coming weeks," Daly said in a speech to the Association of Chartered Certified Accountants in Limerick today.

"There seems to be an emerging view that the market in general is stabilising and in particular areas is showing signs of recovery. In addition, the nature of investors has matured. There are an increasing number of investors in the market, such as pension funds and real estate investment trusts,'' he added.

Mr Daly said that NAMA has generated €13.5 billion in cash, including €9 billion from the sale of assets and loans, since it began buying the banks' loan books at a discount in 2010.

The NAMA chairman also told the Limerick gathering that the agency will not be forced into deals that are not in the best interests of taxpayers.

''We will not dump assets. We will not fire sale assets. We didn't sell in Ireland when the few buyers that were in the market thought they could buy at distressed prices, flip the assets and exit with a quick gain,'' he added.