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NAMA sells off Olympic HQ flats

NAMA has sold off apartments beside London's Olympic Park for less than €181,500 each. The location of the apartment block is lucratively next door to the Olympic Park.

The building, which also includes 12,000 sqft of retail and office space, was jointly bought for £15.7m (¤19m) by UK property firm Development Securities and Canadian developers Realstar.

The vacant, but recently completed, Hackney Wick building will be let out to tenants subsequently.

Development Securities said the site has "tremendous potential" and overlooks the Olympic stadium.

It is also close to new transport links at Stratford, which is expected to be one of the fastest-growing parts of London after the games have concluded.

The deal was funded by Royal Bank of Scotland.

Ireland's so-called bad bank NAMA has made it clear that it plans to sell most of its portfolio in the UK capital by the end of next year.