121 parties express interest in Joint Ventures with NAMA

The National Asset Management Agency (NAMA) announces that, since it began inviting submissions a month ago, 121 parties have to date expressed interest in forming Joint Ventures with the Agency.

The Agency has welcomed the very strong level of interest from both Irish and international firms involved in construction, investment and asset management.

More than half of all expressions of interest received were from firms based in Britain, Europe and the US. 70% (a total of 82 firms) have expressed interest in partnering with NAMA in respect of Joint Venture opportunities that may arise in Ireland.

Parties expressed strong interest in a broad range of project sizes in Ireland. In respect of Ireland, 52 firms expressed interest in projects with a value of more than €100m. 69 said they could partner in projects with a value of between €50m and €100m, while 75 are interested in projects of between €20m and €50m.

NAMA has said that should it identify potential Joint Venture investment opportunities, it will review the submissions received for suitable investment partners and seek information from selected interested parties.

NAMA Chief Executive Brendan McDonagh said: “This is a hugely encouraging response that is much stronger than we anticipated. The level and calibre of interest shown by credible counterparties in forming Joint Ventures with NAMA offers another signal of the very positive investor sentiment towards Ireland. The strength and depth of capital that is available shows the growing appetite for developing and managing in particular Irish property assets”.

As a result of the strong response, NAMA has said the opportunity to submit expressions of interest will remain open on the NAMA website for the time being to accommodate additional expressions of interest.