NAMA To Invest €7.5bn In Funding Programmes

A total of €7.5 billion is to be invested by the National Asset Management Agency (NAMA) in two new funding programmes, it has been announced.

The docklands and residential projects aim to deliver 4 million sq ft of new commercial space in the docklands region along with 20,000 new homes in the city.

Funding of €5.6bn is required for the residential programme, with peak funding anticipated to be €1.8bn.

Proceeds from the sale of completed projects are to be recycled to fund new 'commercially viable' projects.

In addition, the Dublin Docklands SDZ development programme will require total funding of €1.9bn with peak funding up to €500 million, including €170m for the Boland's Quay offices, apartments and shops.

NAMA Chief Executive Brendan McDonagh said: "This funding programme is designed to maximise the return to Irish taxpayers on NAMA's secured assets. These are commercial ventures and they will also contribute to making the Dublin Docklands a better place to live, work, invest and create jobs. We are on track to make a significant contribution to delivering large numbers of quality new homes where people need them but it will still only be 20% of the forecast market demand."

Up to 30,000 construction and ancillary jobs are to be created by the programmes.


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