Business Irish

Thursday 12 December 2019

NAMA to invest up to €1.8bn in Docklands office space after request by Michael Noonan

The half-built Anglo Irish Bank headquarters on Dublin's quays
The half-built Anglo Irish Bank headquarters on Dublin's quays
Donal O'Donovan

Donal O'Donovan

NAMA is to invest up to €1.8bn to provide high end office space in the Dublin docklands area as requested by Finance Minister Michael Noonan, the agency's chief executive Brendan McDonagh said today.

It will also invest €1.2bn to €1.3bn in residential property construction, he said.

The key Nama spending plans have been driven by two requests from the Minister for Finance to invest in the Dublin docklands area and in house building, Mr McDonagh added.

The residential property spend will fund 4,500 new homes by 2016, he said.

Infrastructure required by "cash strapped local authorities" and Irish Water is also being paid for by the agency, he said at the B&F Corporate Restructuring Summit in Dublin.

In order to plan housing investment the agency, along with the IBF, paid for the ESRI to undertake "serious research" that has established real demand out to 2030, he said.

It shows 20,000 to 25,000 units need to be built each year for the next decade, Mr McDonagh said.

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