The National Asset Management Agency (NAMA) acquired the non-performing, property-development loan portfolio of the “McNamara Connection.” The entire portfolio was placed into statutory receivership.
The distressed property assets included c.70,000 m² Dublin office blocks, c.300 apartments, 80 mixed retail city-centre buildings, 8,500 m² of provincial retail and 224ha of development land. The properties were extensively remediated, completed and leased-up and sales to-date amount to c.€400m with further tranches being released in 2016. Remedial works included extensive retrofitting of building regulation / planning compliance, new planning permissions, partial development and development completion, landlord fit-out etc. The properties were brought to the market as investment properties with the benefit of restructured and new leaseholds.
Duff & Phelps' Role
Duff & Phelps undertook the entire portfolio management role, setting the value-capture strategy and procuring and managing the works, lettings and sales.
About The National Asset Management Agency
The National Asset Management Agency (NAMA) was established by statute in 2009 as one of a number of initiatives taken by the Irish Government to address the serious crisis in Irish banking. NAMA acquired €74bn of debt from the Irish banks