The National Asset Management Agency has lent around €360 million in working capital to developers to finish projects in Britain.
A Nama spokesman confirmed to the Irish Examiner that of the €1 billion in working capital that has been provided todevelopers about one third of it will be spent on finishing projects in Britain.
Nama lent the money in the hope that costs would be recovered once the projects are completed.
The remaining €640m is being spent on projects in Ireland.
Nama chairman Frank Daly told the Dublin Chamber of Commerce the agency had approved more than 600 debtor business plans (representing 95% of its total loans) and approved close to €1bn in advances of working and development capital to debtors.
Under the legislation, Nama can provide up to €5bn in working capital to complete projects.
Projects under Nama’s control in England include the Ballymore Group’s Minoco Wharf project. Minoco Wharf was subject to one of the largest planning applications ever submitted to the London planning authorities. The permission sought to turn the 41-acre site into a home for 14,000 people living in 3,400 houses and apartments.
Another Ballymore development at Embassy Gardens is set to be discussed by Wandsworth Council on Thursday.
Nama is in the strange position of both objecting and supporting the Embassy Gardens’ development. Through its stake in the Battersea Powerplant development, Nama is objecting, while it is supporting it as part of an eight-year business plan for the Ballymore group.
a d v e r t i s e m e n t
This appeared in the printed version of the Irish Examiner Tuesday, February 14, 2012
