Businesses save €13.5m a year after Nama agrees 212 rent reductions

Nama approved 212 applications for rent reductions from businesses last year, with an annual aggregate rent reduction value of €13.5m.

Alan Shatter, minister for justice, said that although legislative intervention may not be feasible for upward-only rent reviews, Nama is playing a role in dealing with problems by reducing rents on its properties.

In a written Dáil response to Fine Gael TD Nicky McFadden, Mr Shatter confirmed that “a further 56 applications are currently under review. Of the 276 eligible applications received to date only eight have been refused, representing a 97% approval rate by Nama.”