Europe

Nama repossesses more NI properties

National Asset Management Agency

The Irish government's National Asset Management Agency (Nama) has given details of more properties it has repossessed in Northern Ireland.

Nama has taken control of virtually all land and development loans which were advanced by the Dublin-based banks.

In some cases it has taken "enforcement action" on these loans by placing the related properties into receivership.

The properties were contained in the updated list which was published on Tuesday.

They are understood to be the remainder of developer Mervyn McAlister's portfolio.

It consists of five sites in Ballycastle, two in Dungannon and one each in Belfast, Ballymoney and Loughguile.

Some of Mr McAlister's other properties appeared on Nama's first "enforcement list" published earlier this year.

That list had more than 50 properties, the majority of them in County Down.

They included the huge portfolio which was once controlled by Dromore developer Sam Thompson.

Mr Thompson, who is now bankrupt, had borrowed heavily from Anglo Irish Bank.

The portfolio of the failed Lavelle and McAlinden housebuilding firm was also on the first list.

Another notable site on the list is a 40-acre site at Drumahoe outside Londonderry which was owned by McDaid Developments (Ireland).

Nama has taken control of over £3.5bn of property loans in Northern Ireland

Loans which have been taken over by Nama but which have not been subject to enforcement action remain confidential although some details are emerging in the accounts of property firms.

Firms which have confirmed that some of their loans have moved into Nama include major property companies like PBN, McAleer and Rushe and Murdock Property Group

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