NAMA chairman Frank Daly said the agency was active in both the commercial and residential markets
The National Asset Management Agency has sold around €2.5 billion worth of assets relating to Irish property so far this year, according to its chairman Frank Daly.
This represents half of the agency’s total sales to date in 2014, and is significantly higher than the amount sold during all of last year.
Mr Daly, who was addressing the Waterford Chamber of Commerce, said the pick-up in activity in Irish property had allowed it to begin selling down its portfolio at a faster pace than initially intended.
He cited a number of portfolios which have been sold by NAMA to date, as well as five more which are currently on the market, covering commercial, residential and retail developments around the country.
Mr Daly also said the agency was working to develop – or assist in the development of – some assets in which it had an involvement.
This includes the funding of a planning application for the Boland’s Mill site near Grand Canal Dock in Dublin and a number of developments on Dublin’s Docklands.
This activity has seen NAMA account for 22% of all completed loan sales in Europe so far this year, he said, citing research by brokers Cushman and Wakefield.
The agency was also active in the residential market, he said, and hoped to benefit from increasing demand in a number of cities.
He said NAMA had the capacity to cater to 40-50% of residential demand in Dublin over the next five years, assuming it can overcome planning and infrastructural hurdles.
This includes 3,000 “shovel ready” units, a further 19,000 units on sites with development potential and 500 hectares of land which could be built upon in the medium term.
Mr Daly repeated his confidence that NAMA would repay its senior and subordinated debt – and possibly return a surplus – by the time its work was completed.
To this end, he said the agency expects to have repaid half of its senior bonds by the end of 2014 – two years ahead of the original target for this milestone.