The Nama Sale



A report on RTÉ this morning, in relation to the sale of One Spencer Dock

In May it was reported that Nama had ‘overreached’ in its attempts to sell One Spencer Dock to US investment firm Hines for €242million, following the collapse of the sale.

This morning, it’s being reported that the building has now been sold to London-based investment firm AGC Equity Partners for €242million.

PwC rents the building for €11,779,241 a year.

However, Namawinelake tweetz:

Congrats to RTÉ keeping NAMA totally out of this report. Ssssh, wouldn’t want to add to debate on what NAMA is doing… Just to be clear, today, the State sold one of your assets for €242m. No analysis, no debate, no comment.


One Spencer Dock sold to UK investment firm for €242m (RTE)

Iconic Dublin building One Spencer Dock sells for €242m (Stephen Rogers, Irish Examiner)

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14 thoughts on “The Nama Sale

    1. Davros

      Irish people calling out London city spivs is a bit rich given our entire economy is based around shady tax deals for the US software industry.

  1. Owen C

    Actually, technically this is incorrect. We did not ‘own’ the property asset. The asset was the underlying collateral on a loan which Treasury Holdings had, and which was transferred to NAMA. The sale of this collateral is being used to extinguish that loan. There actually should be no ‘public debate’ about the sale as it could influence the liability outstanding by Treasury Holdings. To have a “public debate” about it, NAMA would have to buy the property at an agreed market price (ie the 242mn), and then take its chances with it in the future. Which isn’t really the purpose of NAMA.

    1. b

      ah Owen, stop mansplaining things to Namawinelake, especially on twitter. he’s just trying to educate people in his own finance-confused way. He doesn’t have any agenda whatsoever, no siree

      1. Shelbyville Manhattan

        Thank jaysus I’m not the only one who finds that whoever runs that Twitter account these days is a clueless party hack. Back a few years ago, the blog was indispensable in digging down into who was receiving the largesse of the State. These days…you may as well be listening to David Icke.

    2. some old queen

      By liability outstanding I assume you mean other assets to be sold in order to pay off loans?

    3. jungleman

      Why on earth would NAMA have to purchase the property for €242m when they hold security over it on a non-serviced loan?

  2. 15 cents

    i dont understand any of this .. all i can see is, nama sold a building. the news didnt say it was nama. what bit am i missing? dont get me wrong, i wanna be angry, i just cant find the reason yet.

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