Cut-price €6bn NAMA landbank hits market
Farmers in pole position as thousands of acres put up for sale
Published 02/08/2011 | 05:00
Thousands of acres of land that NAMA paid almost €6bn for are set to return to agricultural production in the wake of Ireland's property crash.
The NAMA land portfolio contains 24 land banks that are classified as agricultural land and dozens more sites where development never started.
NAMA spokesman Ray Gordon said all of the sites listed in the NAMA portfolio are on the market, with more land to be added to the list in the coming months.
The majority of the sites are expected to go back into farming, including some sites where development had taken place.
"In some instances, where development had begun but there is no potential or economic merit in continuing, NAMA may invest money in returning the land to agricultural production," he admitted.
Land accounts for 18pc of more than €30bn of assets now owned by NAMA since it took over the loan books of developers.
The total acreage of land available is shrouded in secrecy, although it is believed to total thousands of acres across the 32 counties, Britain and parts of Europe. The list also includes nine quarries and some forestry land.
NAMA is refusing to disclose more details about the sites other than listing the address of each property. However, receivers at Ernst & Young are handling 400-500ac of land in Cork alone, the majority of which is classed as uncommenced development.