Ireland "bad bank" to sell 400 mln euro property portfolios
DUBLIN, Sept 24
DUBLIN, Sept 24 (Reuters) - Ireland's National Asset Management Agency (NAMA) plans to sell two property portfolios worth up to 400 million euros ($540 million) in the coming weeks, the chairman of the the country's so-called bad bank said on Tuesday.
State-owned NAMA, one of the world's biggest property groups having purged local banks of 74 billion euros of risky loans, has sold most of its stock to date in Britain but is becoming more active in Ireland where property prices are stabilising.
The agency sold its first portfolio of Irish commercial property loans in May and 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.
The sales would be an encouraging both for Irish public finances, which funded the 32 billion euros NAMA paid for the loans, as well as providing encouragement on a property stabilisation which is vital for the Irish economy to begin to recover.
"We will be bringing two portfolios, prime retail and residential as well as offices, with an estimated value of 350 to 400 million euros, to the market over the coming weeks," Daly said in a speech published on NAMA's website
"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."
Daly added that NAMA has generated 13.5 billion euros in cash, including 9 billion from the sale of assets and loans, since it began buying the bank's loan books at a discount in 2010, up from the over 12 billion it had generated in June.
- Exclusive: Secret contract tied NSA and security industry pioneer |
- U.S. aircraft hit by gunfire in South Sudan as conflict worsens
- Four men arrested in deadly N.J. shopping mall carjacking
- With Fed out of the way, what's next on Wall Street?
- Analysis: Lost Brazil order raises threat to Boeing fighter jets