businessweek.com/news/2012-0 … stors.html
Ireland’s NAMA Plans to Set up Funds for Real Estate Investors
January 26, 2012, 5:15 PM EST
By Joe Brennan and Neil Callanan
Jan. 26 (Bloomberg) – Ireland’s National Asset Management Agency plans to set up funds to allow investment in real estate in Ireland, the U.K. and Europe.
The funds would acquire property to which receivers have been appointed, David Clerkin, a NAMA spokesman, said by phone. NAMA is allowed appoint receivers to property backed by loans which it controls when a borrower is in breach of lending terms.
The funds, known as Qualifying Investor Funds, will be covered by Irish law. Investors must have a minimum of 100,000 euros to place with such a fund, according to the central bank. Dublin-based NAMA is seeking investment management services for the funds, according to documents posted on the agency’s website.
To contact the reporter on this story: Joe Brennan in Dublin at
just in case anyone else was wondering David Clerkin seems to be the former Sunday Bus Post guy
gordonmrm.ie/about-us/our-te … d-clerkin/
Great… An obscurantist semi-state agency getting in the REIT business.
What could possible go wrong?
Investment in property back on the cards for this year - →
independent.ie/business/iris … 40243.html
Given that Irish banks’ ability to provide credit to the property sector will remain poor for the foreseeable future, international investment is vital to sustain any recovery in the sector.
**Key to this will be how NAMA disposes of €13bn worth of loans on completed residential and commercial building in Ireland over the coming years.
A drip-drip approach to the sale of these underlying properties risks another downturn for property prices. That is in no-one’s interest, particularly taxpayers who own NAMA and most of the domestic banking system.
This is where REITs can play a role and, fortunately for Ireland, this particular sector, which performed strongly in 2012, is likely to continue to attract strong interest in 2013 as investors seek alternatives to low yielding bonds and deposits.
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A most important, yet ultimately depressing, quote.
After all this time, they just don’t get it.
The irony is that the government, with one hand, is trying it’s utmost to push property prices higher, whilst with the other hand, scratching it’s head in an effort to come up with ‘job creation’ ideas.
The frustration with these muppets is enough to make you suicidal !
Was not the ‘drip drip’ approach not supposed to not crash the market?
So a sleight-of-hand offload to apparent “foreign” entities with all kinds of secretive backstops and guarantees for the carefully chosen investor …
Yes, I can see no downsides here.
Tax breaks for property sector - Ciaran Hancock →
irishtimes.com/newspaper/fin … 11337.html
The Government yesterday published the details of two initiatives it hopes will stimulate the ailing property sector.
The Finance Bill has made provision for the establishment of real estate investment trusts (Reits), which are designed to attract foreign capital into the Irish property market.
In addition, they announced pilot projects for Waterford and Limerick city that would allow owner-occupiers of Georgian houses and certain retail properties to renovate substantially their premises and write off the cost against their tax bills over a 10-year period.
This is subject to approval from the EU under state aid rules, a process that could take many months, according to the department.
there is more