Dáil Éireann Debate, Tuesday - 31 January 2017
132. Deputy Ruth Coppinger asked the Minister for Finance the number of residential properties involved in sales of properties and loans by NAMA to vulture funds and REITs each year since 2010, in tabular form. [4324/17]
View answerAs the Deputy has used a pejorative and undefinable term for potential purchasers, and due to the fact that providing the identity of specific purchasers would be commercially sensitive, my reply is based on all sales irrespective of purchaser.
I am advised that, in its capacity as a secured lender, NAMA has approved the sale of 14,246 residential properties by its debtors and receivers. This includes 4,708 new houses and apartments, which were funded by NAMA, in the three years to end-2016.
NAMA also advises that it has sold loans secured by 6,195 residential properties. In the case of loan sales, the underlying property is not sold. The property remains in the ownership and management of the original owner or, in the case of enforcement, the appointed insolvency practitioner.
The breakdown sought by the Deputy is outlined in the following table.
Residential Unit Sales by Year
|
Year |
Asset Sales number of residential units sold by debtors and receivers |
Loan Sales number of residential units securing loan portfolios sold by NAMA |
|
2010 |
242 |
_ |
|
2011 |
597 |
_ |
|
2012 |
701 |
8 |
|
2013 |
1,202 |
141 |
|
2014 |
3,387 |
1,079 |
|
2015 |
4,734 |
3,195 |
|
2016 |
3,383 |
1,772 |
|
Total |
14,246 |
6,195 |
I am advised that a number of multi-unit portfolio sales are included in the above, namely; the Orange portfolio, Rockbrook, the Plum portfolio, Tallaght Cross West and St Edmunds. NAMA advise that properties which were sold as part of these portfolios were typically already tenanted and vacant possession was not sought prior to the sales. Such portfolios are typically acquired by investors seeking long-term rental streams and, therefore, existing tenancy arrangements tend not to be affected by such sales.
