| 7°C Dublin

Agency has €200m target for sales of Irish properties by the end of March

THE National Asset Management Agency (NAMA) hopes to raise close to €200m from "two or three" Irish property sales by the end of March, chief executive Brendan McDonagh said yesterday.

Speaking on the fringes of a Public Accounts Committee meeting, Mr McDonagh said the agency was in advanced talks with overseas buyers for two of the assets, and with a domestic buyer for the third.

"Going into 2011, we want to actually get transactions going in the market," he said. "We're quite confident that those two or three transactions will be done by the end of the first quarter."

Asked how the price NAMA gets for the assets will compare to the price Nama paid for the loans behind them, Mr McDonagh replied "we will not lose money on the transactions".

Nama recently confirmed that it had secured close to €2bn in asset sales by the end of 2010. About 90pc of these were in the UK.

Irish Independent