Menu
23/05/2012
Nama Plan To Invest €2bn
Chairman of the National Asset Management Agency (Nama) announced today that they are to invest about €2 billion by 2016, creating up to 35,000 jobs.
Speaking in Galway this morning, Frank Daly said the money would be used to both complete construction work already in progress and to develop greenfield sites, with Nama anticipating supply shortages in some market segments in the future.
Mr Daly said the investment could potentially generate 25,000 jobs in construction and a further 10,000 jobs in the wider economy.
“Our view is that long-term prospects for much of this property are good. On that basis, we propose to invest, particularly over the next three years, with a view to ensuring that this property is available to meet commercial and residential demand over the rest of the decade," he said in Galway.
''In some market segments - large offices, for instance - supply shortages are already emerging and we plan to address that now.''
Nama will lend at least €2 billion in vendor finance to acquirers of commercial property, and plans to attract major institutional investors to buy properties through a Qualifying Investor Fund.
Property industry representatives, who said the package would stimulate activity in the sector, welcomed the news.
(H)
Speaking in Galway this morning, Frank Daly said the money would be used to both complete construction work already in progress and to develop greenfield sites, with Nama anticipating supply shortages in some market segments in the future.
Mr Daly said the investment could potentially generate 25,000 jobs in construction and a further 10,000 jobs in the wider economy.
“Our view is that long-term prospects for much of this property are good. On that basis, we propose to invest, particularly over the next three years, with a view to ensuring that this property is available to meet commercial and residential demand over the rest of the decade," he said in Galway.
''In some market segments - large offices, for instance - supply shortages are already emerging and we plan to address that now.''
Nama will lend at least €2 billion in vendor finance to acquirers of commercial property, and plans to attract major institutional investors to buy properties through a Qualifying Investor Fund.
Property industry representatives, who said the package would stimulate activity in the sector, welcomed the news.
(H)
Related Irish News Stories
Click here for the latest headlines.
26 March 2024
Casement Park Redevelopment 'Must Be Delivered'
The redevelopment of Casement Park "must be delivered", SDLP leader, Colum Eastwood, has said following a meeting with an Ulster GAA delegation at Stormont.
Casement Park Redevelopment 'Must Be Delivered'
The redevelopment of Casement Park "must be delivered", SDLP leader, Colum Eastwood, has said following a meeting with an Ulster GAA delegation at Stormont.
02 December 2010
NAMA Rejects CIF Report
The National Asset Management Agency (NAMA) has announced it "completely rejects the flawed and one-sided analysis of the Agency published by the Construction Industry Federation (CIF)".
NAMA Rejects CIF Report
The National Asset Management Agency (NAMA) has announced it "completely rejects the flawed and one-sided analysis of the Agency published by the Construction Industry Federation (CIF)".
03 February 2011
NAMA Boss 'Disappointed' In McKillen Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.
NAMA Boss 'Disappointed' In McKillen Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.
18 September 2014
Galway City Council Reject Local Property Tax Reduction Proposal
Galway City Council has rejected a Sinn Féin proposal to reduce the Local Property Tax next year. The council discussed a Sinn Féin proposal to reduce the tax by 15% in 2015, however, following the debate, the council voted against the move. Ten councillors voted against, seven in favour and one abstained.
Galway City Council Reject Local Property Tax Reduction Proposal
Galway City Council has rejected a Sinn Féin proposal to reduce the Local Property Tax next year. The council discussed a Sinn Féin proposal to reduce the tax by 15% in 2015, however, following the debate, the council voted against the move. Ten councillors voted against, seven in favour and one abstained.
06 August 2012
Call For Investigation Into NAMA Deal
Revelations that a senior executive at NAMA was able to purchase a property from the agency's portfolio which was not put up for sale on the open market should be referred to the Gardai to investigate further under the NAMA Act 2009, according to Fianna Fáil Finance Spokesperson Michael McGrath.
Call For Investigation Into NAMA Deal
Revelations that a senior executive at NAMA was able to purchase a property from the agency's portfolio which was not put up for sale on the open market should be referred to the Gardai to investigate further under the NAMA Act 2009, according to Fianna Fáil Finance Spokesperson Michael McGrath.
-
Ireland WeatherThis Evening and Tonight:This evening will be cloudy with outbreaks of rain, these clearing away towards midnight. Then the rest of the night will be dry with clear periods. Minimum temperature 12 °C.
