Labour: NAMA will pay billions above value

NAMA will pay billions above its real value for commercial property because the Government has refused to enact legislation banning upward-only lease agreements.

The failure to introduce the new law will mean NAMA will pay over the top for properties, said Labour’s local government spokesman Ciarán Lynch.

“Existing operating developments are to be taken into account as an asset which can be drawn into NAMA as well as undeveloped properties. Valuations will at least partly be worked out by their supposed rental value. Many upward only leases were agreed during the height of the property bubble resulting in properties values being overinflated, the government seems intent to have NAMA paying these overinflated prices.”