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NAMA Plans €2.5B U.K. Property Sales
Ireland’s National Asset Management Agency is looking to boost sales of property backed by bad Irish debt in the U.K.
Ireland’s National Asset Management Agency (NAMA) is looking to boost sales of property backed by bad Irish debt in the U.K., Financial Times reports. The ‘bad bank’ created to take over the toxic property loans of the country’s banks will look to sell €2.5 billion of U.K. commercial property in the next three years, said CEO Brendan McDonagh.
Majority of the debt in NAMA was lent at high loan-to-values and is in breach of debt terms. The agency is planning to cut its €77 billion loan book by a quarter by the end of 2013. London buildings backed by debt bought by NAMA include the Citigroup tower in Canary Wharf, which was recently put up for sale.
Click here for the story from Financial Times.