NAMA assets in Galway top half a billion euro in value

The National Asset Management Agency has assets in Galway valued at more than half-a-billion euro.

According to figures just published by NAMA, Galway holds its third most valuable portfolio outside of Dublin and Cork.

The figures show that properties and other assets on the agency’s books in Galway in 2014 were valued at €526 million, behind Cork at €917m.

Dublin has by far the highest level of assets – around 70% of the Irish portfolio – at €7.725 billion.

According to the report, the “urban-centric” profile of NAMA’s Irish assets is aligned with current levels of interest from investors.

Assets in Kildare are valued at €498m; Meath at €227m; Limerick at €215m and Wicklow at €165m.

The lowest-value assets are in Longford (€5m); Monaghan (€8m) and Leitrim (€10m).

At the moment, the agency is continuing to release ‘strategically-chosen’ assets onto the market to gauge investor interest.

Nationally, unfinished developments account for the biggest asset sector at 20%; followed by retail at 19%; land at 17%; office and residential at 15% each; hotel and leisure at 6%; industrial at 3% and non real estate and ‘others’ (such as financial instruments) at 5%.

At the moment, the agency is funding the development of 73 homes at ‘Maoilin’ on the Ballymoneen Road in Knocknacarra.

For more on this story, see this week’s Galway City Tribune