Nama repayments set to surpass €16 billion

Nama is to redeem a further €1bn worth of senior bonds ahead of maturity this week; a move which will see it comfortably beat its original target of paying off half of its entire debt mountain by the end of next year.

The agency originally had a target of the end of 2016 to repay 50% of its €32bn debt, but actually hit that target in recent weeks.

This week’s additional redemption — scheduled for tomorrow — brings to €8.6bn the amount of senior bonds Nama has redeemed since the beginning of 2014 and to €16.1bn the amount of senior bonds redeemed since inception, or 53% of the amount originally issued.

The agency’s management has previously stated, this year, that the body should comfortably pay off its entire €32bn debt ahead of its 2020 deadline, while also achieving a surplus for the state.

Additionally, Nama has announced that it has provided the funding for the planning process for the development of the landmark Boland’s Mill site in Dublin’s south Docklands.

The planning application for the site, at Grand Canal Dock, is to be formally submitted to Dublin City Council tomorrow by receivers Mark Reynolds and Glen Crann of real estate advisor, Savills.

Demolition of the existing site is expected to begin next year, subject to planning being granted.

Boland’s Mill is the first major planning application to be submitted since the area was designated a strategic development zone and ranks as the largest proposed construction project for the city since the economic downturn.

The site’s proposed redevelopment will cover around 395,000sq ft and will provide for office, residential, cultural/exhibition and café/ restaurant space uses.

In terms of residential use, it will include 42 apartments.

Nama chief executive Brendan McDonagh said that the Boland’s Mill development will be very positive, “not only in terms of bringing greater vibrancy to the south Docklands area, but also in terms of addressing the shortage of quality office and residential accommodation in the central Dublin business district”.

The development will see three newly constructed signature buildings put in place, two of which will consist of office space and one with residential accommodation.

According to Savills director Mark Reynolds who is acting as the site’s receiver: “Boland’s Mill is the most iconic and recognisable Dockland frontage sites in Dublin, therefore the design team — consisting of Savills, Burke-Kennedy Doyle Architects, John Spain Associates, ARUP, David Slattery Conservation Architects and Mitchell Associates — worked to ensure the proposed development accords with the requirements of the SDZ planning scheme and that best conservation practice was adopted for the refurbishment of the protected structures on the site.”

The overall development costs for the Boland’s Mill project will exceed €150m.

When complete, the project will accommodate around 2,300 office workers.

“The design has been driven by the principles of delivering an environment of high architectural quality and sustainable design, set out by what is a very comprehensive planning scheme by Dublin City Council.

“We have taken a careful conservation approach to the wealth of existing heritage buildings of character,” said Mr Reynolds.

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