Business Irish

Monday 27 March 2017

Project Eagle properties rise in value since Nama sale

Brendan McDonagh, chief executive of Nama, arrives for the PAC meeting at Leinster House last week
Brendan McDonagh, chief executive of Nama, arrives for the PAC meeting at Leinster House last week
Gavin McLoughlin

Gavin McLoughlin

Property values across a large section of the Project Eagle portfolio have risen since the portfolio was sold by Nama last year, according to new figures.

The purchase of the portfolio by Cerberus has been dogged by controversy after Independent TD Mick Wallace alleged in the Dail that Tughans, a Belfast law firm that was engaged by Cerberus's lawyers, had a £7m payment earmarked for a Northern Irish politician in an Isle of Man bank account.

Tughans has denied Mr Wallace's allegations.

The company said a former partner did divert money into a bank account, adding that the partner had since left the firm.

Capital values in Northern Ireland fell by nearly 33pc after peaking in 2006, but returned to growth in 2014, rising by 2.3pc year on year, according to the MSCI Northern Ireland review.

Nama said it had achieved the best sale price at the time the portfolio has sold. It said the portfolio's heavy concentration in provincial and secondary property markets, and limited evidence of a medium-term recovery in those markets, was part of the reason for the sale.

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