Saturday 23 November 2019

Bad bank seeks property investment partners

Peter Flanagan

NAMA is looking for partners to develop properties worth as much as €100m in its latest effort to kickstart construction activity.

It has also committed to sell at least €250m of Irish assets every three months.

In a notice published yesterday, the state bad bank said it was "seeking expressions of interest from parties who have the capacity to invest with NAMA on a joint venture basis where such opportunities arise". It plans to build a database of interested parties.

For NAMA to invest, the venture must result in a final value of at least €20m.

Interested parties have been asked to make themselves known, along with details of their plan.

NAMA will only partner with developers who have a net asset value of at least €2.5m. The bad bank has set a deadline of March 31 for submissions.

Irish Independent

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