From RTE : rte.ie/news/2010/0910/nama.html
Anyone know who is buying these properties? And are they for sale on the open market? And if not, why not?
Sold at a profit or a loss ?
… and yet again this thread springs to mind thepropertypin.com/viewtopic.php?f=4&t=32773
1/2 billion up for sale now/shortly
mainly overseas (uk)
expects to sell at or above price paid by nama
will foreclose on developers later in year…thought this was supposed to happen this month!
I presume he means this month, not next September?
That headline was from March 14th so it was originally supposed to start this month, but now it is “later in the year”…
They have commenced proceedings against the utterly charming Paddy Shovlin
NAMA has produced codes of practice including one for the disposal of assets which says that it will comply with the Codes of Practice for the Governance of State Agencies (2009) - link at bottom which says
“18.1 The disposal of assets of State bodies or the granting of access to property or infrastructure for commercial arrangements e.g. joint ventures with third parties, with an anticipated value at or above a threshold level of €150,000 should be by auction or competitive tendering process, other than in exceptional circumstances (such as a sale to a charitable body). The method used should be both transparent and likely to achieve a fair market-related price. The anticipated value may be determined either by a reserve price recorded in advance in the State body’s records or by a formal sign-off by the Board on the advice of the Chief Financial Officer (CFO) or, if delegated by the Board, sign-off by the CFO or the Board Audit Committee, that, in its view, the anticipated value is likely to be less or greater than €150,000. In determining market value, regard should be had to accounting standards best practice in Ireland. Compliance with use of Auction or Tendering Requirements”
I have heard of two cases where UK companies have purchased properties (a building in one case and development land in another) whose loans are in NAMA; properties that they originally sold to person(s) who bought them with financing supplied by an Irish bank. Almost a short sale if you would.
I do not have the exact details of either transaction so I do not know if the purchases were made directly from NAMA or the bankrupt entity that bought the properties in the first place. But in both cases the repurchase of the property was done a at significant discount to the original sale price (over 50% in one of the cases).
Bollocks. The threshold level of 150k is not going to cover much in the way of land sales, now is it?
BTW, here is the relevant NAMA Code of Practice.
nama.ie/Publications/2010/Co … Assets.pdf
Yogan, I read that to mean practically every disposal will require the transparent tendering process. As for sub-€150k that would be wine collections and the like in personal guarantees or associated lending.
Thanks, but:
unless you’ve given us the wrong link?
That makes it seem even worse - they can do what they like! And they don’t have to say what they have done!
Can you dispose of property without taking possession of it?
They can sell the bank assets to 3rd parties so why not?
Yogan, it gets complicated - the Code of Practice at NAMA is for the disposal of bank assets (aka loans). This is what the code says as regards disposal of property
“1.4 This Code does not cover the disposal of property and assets other than
bank assets. NAMA confirms that the disposal of property and other
assets will be subject to the provisions of the Code of Conduct for the
Governance of State Bodies (2009).”
That’s why I linked the Code of Conduct for the Governance of State Bodies (2009) which obligates transparency.
I don’t get you here?
The company in question is a quoted UK housebuilder that repurchased land sold to some person/organisation that was financed by an Irish bank.
Do you think my information is incorrect because the tendering process was not public?
Sorry, I was referring to the link that namawinelake gave to the Code of Conduct for the
Governance of State Bodies who has a 150k floor to a transparent sales process. Plenty of opportunity to split big land banks into smaller ones, or just for smaller ones to be sold on the quiet.
I don’t like on the quiet.
I agree with you, the banks can do what they like, it is NAMA I am concerned about.
namawinelake, I agree it is complicated, unnecessarily so. And with complication comes opportunity.
My point is that the sales have actually begun. And not a moment too soon either given the outlook for the UK property market.
So the question is, where are these sales being advertised? Is there a chosen EA that is seeking purchasers? Or do you just have to contact NAMA directly and ask them for a list of properties for sale?
I believe some insolvencey practitioners in Dublin will be handling sales for NAMA quite soon.
As does this one with the rumour on NAMA off loading properties: