NAMA starts to market assets

Ireland’s so-called “bad bank,” NAMA (National Asset Management Agency), has placed some 850 properties for sale, according to published reports, including multiple hotels located in the UK and Ireland. A list is available here.

Among the hotels on the list are a Marriott in Meath, Ireland, a Day’s Inn in Dublin, multiple Clarion properties in Ireland and a Crowne Plaza in Shoreditch High Street in London.

“I understand that while it is NAMA’s intention to dispose of these properties over time there will be no firesale and we expect these to be drip fed to the market,” said Paul Collins with CB Richard Ellis in Dublin.

Recent investment in hotels, especially in Ireland where inventory increased some 50% over the past five years, has severely hampered a business recovery and has finally led NAMA to put properties up for sale to reduce its debt load.

The U.K. accounts for 32% of the inventory, including a Louis Vuitton store in New Bond Street in London, while properties in Ireland include golf courses, hotels, medical centers and homes, according to a story in The Guardian in London.

According to the Irish Times, NAMA revealed that three of the top developers are responsible for €8.4 billion of the debt. Last year, NAMA acquired 11,500 loans of 850 debtors from the five participating institutions. It paid US$43 billion (€30.2 billion) for nominal loan balances of US$102 billion (€71.2 billion), a 58% discount.