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.


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