Dáil Éireann Debate, Thursday - 19 January 2017
90. Deputy Pearse Doherty asked the Minister for Finance the number of properties owned by NAMA as opposed to property debt owned; the description and approximate value for each property, both residential and commercial, in tabular form; and if he will make a statement on the matter. [2447/17]
View answerThe Deputy will be aware that NAMA does not generally own property. Rather it has acquired loans for which the properties act as security.
NAMA has been very active in seeking to facilitate the provision of social housing through its portfolio wherever possible. Working in conjunction with the Department of Housing, Planning, Community & Local Government, NAMA offered residential units, for sale or lease, to the Housing Agency and to the local authorities. This process has resulted in demand being confirmed for 2,748 units, of which 2,378 have already been delivered. To ensure efficient delivery of these units, NAMA established a special purpose vehicle, NARPS, to acquire the properties and lease them directly, on a long-term commercial basis, to local authorities and approved housing bodies. I am advised that, of the 2,378 houses and apartments delivered to date, 1,014 of these were delivered through NARPS and a further 337 properties are contracted for acquisition, but not yet complete. I am further advised that the NARPS portfolio comprises properties primarily located in Dublin (43%) and Cork (23%) and is made of 61% apartments and 39% houses.
Outside of NARPS, I am advised that NAMA holds 11 other properties, mainly land and development assets, which are zoned and designated for commercial use. The majority of these were taken onto NAMA's balance sheet arising from legal and insolvency agreements and are intended for sale once such outstanding matters are resolved. Nine of these assets are in Ireland with an additional two assets located abroad.
Finally, due to the commercial sensitivity of such information, individual property valuations are not provided. However I am advised that, in aggregate, the book value of these properties, including the NARPS properties, was approximately €285m at 31 December 2016.
