for your attention…. Irish Times Today ….. The corruption continues …….
The National Asset Management Agency has confirmed that a company owned by partners of a UK investment firm have bought a 17 per cent stake in the agency’s holding company.
NAMAIL was established as an investment holding company to facilitate the participation of private investors in the project. The stake, whcih was bought by partners of Walbrook Capital, was previously held by Irish Life.
“The decision to invest in NAMAIL followed a careful assessment of the outlook for the Irish economy and in particular its property sector, which we believe is now close to stabilisation,” said Michael Keeley, senior partner of Walbrook Capital, in the statement.
The transaction has already been approved by the boards of Nama and NAMAIL.
The European Union’s statistics office Eurostat said today the sale of a stake in Nama by Irish Life meant the agency could be classified as a special purpose entityoutside the general government sector.
Irish Taxpayers are been shafted once again by well placed “insiders” and in the know .This Government has once again allowed outsiders to rape the taxpayers of this country.
Bend over “Paddy” your about to get another present from the collaborators in this Government.
Poor old Bernard was one of the first mega property developers to admit he had problems back at the start of 2010. Since then, the banks have been working through his outstanding loans. Receivers have since been appointed by the banks to his properties. In the past three months, three of Bernard’s hotels – the Burlington in Dublin, the Parknasilla in Kerry and the Cork International – have all been put up for sale. At NAMA too where Bernard is understood to be a Top 10 developer, the Agency has foreclosed on his loans, including loans on the former Irish Glass Bottle site in Ringsend in Dublin and the Elm Park development in Ballsbridge. And the last we heard of Bernard was that he was carving out a new……………….
full article at source: http://namawinelake.wordpress.com/2012/09/06/nama-sues-bernard-mcnamara-in-dublins-high-court/
The people of Claremorris in Mayo are happy today with news that a shopping centre in their town is set to be benefit from NAMA funding. The Silverbridge Shopping Centre is anchored by Tesco with a 50,000 sq ft store, and NAMA is reported to be funding clean-up works on the site including landscaping and laying new footpaths. Mayo is of course An Taoiseach Enda Kenny’s constituency.
The amount of funding from NAMA is not known but it looks modest. It may create a disproportionately large number of winners though….
fullarticle at source:http://namawinelake.wordpress.com/2012/09/04/nama-funds-work-on-shopping-centre-in-taoiseachs-back-yard/
NAMA isn’t saying, but according to RTE, the owner of the 63-house Glendale Estate in Tullow in Carlow was Glendale Estates Limited. And according to Iris Oifigiuil, the receiver, Jim Hamilton of BDO Ireland, was appointed to Glendale Estates Limited was at the behest of AIB in February 2011. AIB is one of the five NAMA participating institutions and the property in Tullow is a development property if ever there was one, which would place it in NAMA’s remit. Not only that, but the owners of Glendale include Anton Hunt and Paul Collins, and NAMA recently had receivers appointed to companies owned by these individuals eg Camion Developments Limited, Neidin Developments Limited.
On the other hand, the property is not apparently listed in the latest NAMA enforcement list, but as we have seen in the past, that list is riddled with errors.
The 63-house estate would have been worth €12.6m-plus at the peak if each of the 63 houses were fully completed and sold for €200,000 apiece. As it happens, the homes need kitchens, but will apparently still fetch €100,000 today when completed. There is also planning permission for an additional 58 homes on the 14-acre property.
full article at source: http://namawinelake.wordpress.com/2012/07/12/was-the-glendale-estate-sold-for-e10000-a-house-a-nama-sale/
English: A commercial property in Banchory Between Bridge Street and High Street; connected with Alzheimer’s care. (Photo credit: Wikipedia)
Jones Lang Lasalle (JLL) has today published its commercial property series for Ireland for Q2, 2012 – the report should be available shortly on the JLL website but for the time being, there is Jack Fagan’s report in today’s Irish Times. The JLL series is one of the two Irish commercial indices referenced by NAMA’s Long Term Economic Value Regulations (Schedule 2) and is used to help calculate the performance of NAMA’s “key markets data” shown at the top of this page. The other quarterly Irish price series is published by SCSI/IPD and will be available on Tuesday 24th July at 3pm; because it is generally published after JLL’s, it is not used here to help compile the NWL index, but the SCSI/IPD index does historically show a very close correlation with JLL’s.
The JLL Index shows that capital values fell in quarter one, 2012 by 2.3% – this means that with the exception of Q4,2011 Irish commercial property has declined in value for 19 of the last 20 quarters and the aberration in Q4,2011 when a 1.2% increase was recorded was due to the exceptional measures set out in Budget 2012 – the reduction in stamp duty on commercial transactions from 6% to 2%, the abandonment of proposals to abolish
full article at source: http://namawinelake.wordpress.com/2012/07/11/e166m-sliced-off-the-value-of-namas-irish-commercial-property-in-q2-2012/
For all you salespeople out there whose managers might be pressuring you to close sales, you now have a novel addition to the excuse manual courtesy of CB Richard Ellis (CBRE). Property services powerhouse and NAMA valuer, CBRE has just published its two-monthly review of the Irish commercial property market and it makes the observation that activity has increased but as a result of the infernal “forensic due diligence”, this activity hasn’t yet translated into actual sales.
The report observes that there is considerably more property coming onto the market, including from NAMA and its debtors. It is reported that the sale of the €27m David Arnold-developed One Warrington Place in central Dublin “has now signed and is due for completion shortly” – the buyer isn’t identified save to say it is a “US investor” but rumours abound that it is a company called Northwood which has made the purchase, after the previous purchaser, Prudential dropped out.
full article at source: http://namawinelake.wordpress.com/2012/05/01/forensic-due-diligence-being-blamed-for-holding-up-the-irish-commercial-property-market/