Asset Sales

In order to meet debt repayment targets, NAMA debtors and receivers have agreed, as part of their arrangements with NAMA, to a phased and orderly disposal of the property assets securing their loans.

To end-2019, NAMA had approved asset and loan sales with a cumulative value of €38.97 billion.

NAMA’s approach is to release assets for sale in a manner which takes account of the market’s capacity to absorb them. That strategy has been supported by the recent recovery of both the commercial and residential markets in Dublin from 2014, a recovery which has enabled NAMA to increase the flow of assets to the market and to achieve strong pricing on recent sales.

In the period between 2010 and 2013 property sales by debtors and receivers to date were heavily influenced by liquidity conditions in various markets and by the attractiveness of various asset classes to investors. Approximately 75% of sales had been in Britain to end-2013, particularly in London, where prices have increased substantially since 2009 – the date the associated loans were acquired by NAMA. The steady recovery of the Irish economy has resulted in a notable improvement in investor interest towards Ireland, enabling NAMA to increase the flow of assets to the market and to achieve strong pricing on recent sales.  In 2014, 44% of all disposal receipts were generated from the sale of Irish properties and loans, and this increased to 66% in 2015 and 69% in 2016.  

By end-2018, NAMA completed almost all of its deleveraging of assets located outside of Ireland and at end-2018 the residual portfolio of non-Irish assets was worth less than €70m. 

In 2019, sales of residential properties, land and development sits accounted for 88% of disposal activity. At this stage in NAMA’s lifespan, the loan portfolio is primarily secured by assets which form part of NAMA’s residential delivery programme.

Examples of NAMA-Secured Property Sales