NAMA generated €5.8bn in cash during 2013

Friday 03 January 2014 14.37
NAMA said it held €4.3 billion in cash or cash equivalent balances by the end of 2013
NAMA said it held €4.3 billion in cash or cash equivalent balances by the end of 2013

NAMA generated €5.8 billion in cash during 2013, the majority of which came through the disposal of assets.

In its end of year statement, the National Asset Management Agency said it had raised €3.8 billion in cash through asset disposal last year with the remainder coming largely from rental receipts.

This brings to €16.5 billion the total amount of cash generated by the agency since its inception in late 2009.

NAMA said it held €4.3 billion in cash or cash equivalent balances by the end of the year, which follows bond redemptions and debt repayments worth €8.8 billion in the past four years.

It said that more than €2 billion worth of Irish assets are currently for sale, including a number of property and loan-based portfolios.

Meanwhile, NAMA said it had approved close to €1 billion in funding for the completion of construction projects in the country and was prepared to invest a further €1.5 billion over the next three years.

Irish portfolios in the process of being sold

In its end-of-year summary, NAMA said its Project Holly portfolio – made up of a €373 million worth of loans secured by offices, hotels and land in Dublin and Meath – is currently in its second round of bidding.

Final bids have been received in relation to a portfolio of four office buildings in Dublin, named Project Platinum, while the Central Park portfolio of Dublin offices and residential properties is in its second round of bidding.

The agency’s Project Aspen – a loan portfolio representing €800 million of debt, secured on commercial property – was sold to a US investment group late last year.

The sale of its Project Club portfolio of loans secured against a number of shopping centres, was completed last month.

Meanwhile, NAMA said it had achieved its target of redeeming €7.5 billion worth of senior bonds issued in 2010-2011 to acquire loans from a number of Irish banks.