Sunday 22 October 2017

Nama teams up with Doherty for 500-unit house building deal

Housing development is one of state agency's largest joint ventures to date

'The entity is seeking to build 459 houses and 67 apartments at the site, according to An Bord Pleanala's website.' (stock picture)
'The entity is seeking to build 459 houses and 67 apartments at the site, according to An Bord Pleanala's website.' (stock picture)

Gavin McLoughlin Business Correspondent

Nama is teaming up with Pat Doherty's Harcourt Developments for a major house building project in south-west Dublin.

The state agency and Doherty's group have applied for planning permission for more than 500 units at a site in Saggart, via an entity called Greenacre.

The entity is seeking to build 459 houses and 67 apartments at the site, according to An Bord Pleanala's website.

The application - filed on August 30 - is being made via the recently introduced fast track system. This enables applications to be made directly to An Bord Pleanala, which holds consultations with the developers and the local authorities before coming to its conclusion.

The systems aims to see decisions made within 25 weeks.

The project is one of Nama's largest joint ventures to date, and is located near the Cuil Duin housing estate brought to market by Harcourt last year.

Harcourt is perhaps best known for the Titanic Quarter refurbishment project in Belfast and the Park West project in Dublin.

Andrew Parker Bowles, the former husband of Prince Charles's wife Camilla Parker Bowles, is Harcourt's chairman.

A loan portfolio connected to Harcourt, known as Project Abbey, was put on the market by Nama last year, with US investment fund Apollo selected as the preferred bidder.

The portfolio had a face value of around €700m and was sold for around €300m, according to a report by property industry trade publication CoStar News, which said Oaktree Capital was the underbidder.

At the end of 2015, Nama announced plans for a major residential funding programme.

"In an effort to de-risk these programmes and to maximise the contribution of the alternative funding, development and construction sectors, Nama will look for JV partners interested in the co-funding and construction of projects," Nama said.

"The agency will explore appropriate financing options for each site to establish the best financing mechanism specific to each.

"These options include Nama funding all of the construction work required; co-funding with other lenders; or establishing project-specific joint ventures with major investment or construction groups.

"Nama will also work with non-Nama building platforms," he added.

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