Europe

Nama completes first major deal with sale to Google

Nama

The Irish government's asset management agency, Nama, has completed its first major deal with the sale of a Dublin office building to Google.

Nama was set up to buy, at a discount, almost all land and development loans from the Irish banks.

Among those was the loan made to developer REO, in relation to the Montevetro building.

As well as buying that loan, Nama also lent money to REO so it could complete the building.

Nama says the price Google paid for the Montevetro, thought to be around 100m euros (£84m), has covered all its outlay on the project.

Nama chairman Frank Daly said: "The successful completion of the Montevetro development and its sale again reflects the positive potential of Nama to support the commercial property market in Ireland without compromising its objective of recovering monies owed to the taxpayer."

"It is an excellent example of Nama's ability to enhance the value of its assets for the benefit of taxpayers," he added.

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