NAMA to launch €5.6 billion project and to create thousands of jobs and new homes
The National Asset Management Agency has announced further details of its plans to build commercial and residential developments in the Dublin.
This project aims to deliver almost 4 million square feet of new commercial space in Dublin Docklands and 20,000 new homes in Dublin and other areas of strong demand. The residential programme will require total funding of €5.6 billion with peak funding expected to be €1.8 billion – the proceeds from the sale of completed projects will be recycled to fund new commercially viable projects. The Docklands development programme will require total funding of €1.9 billion with peak funding up to €500m.
NAMA will look for joint venture partners interested in co-funding the programme and construction of projects. Some 30,000 construction jobs will be created in the building project.
The plan will cover 15 sites in Dublin’s North and South Docklands.
Brendan McDonagh, NAMA Chief Executive, said: “We are making the Dublin Docklands a better place to live, work, invest and create jobs and are on track to make a significant contribution to delivering large numbers of quality new homes where people need them.
This is an ambitious commercial programme but we are confident that we can deliver. We look forward to building on our successful track record of creating significant value for the taxpayer and asset managing our secured assets in the best way possible.”
The National Asset Management Agency (NAMA) was established in 2009 as one of a number of initiatives taken by the Government to address the serious crisis in Irish banking which had become increasingly evident over the course of 2008 and early 2009.
