Belfast Telegraph

Nama's £16m Olympic flats deal

By Donal O'Donovan

Nama has agreed a €19m (£16m) deal to sell 112 apartments close to the London Olympic Park site.

News of the sale by the Irish government's toxic debt agency was revealed in a stock market announcement issued by London-listed Development Securities plc.

It is buying the vacant block in a joint venture with Canadian property investor Realstar.

The apparently low-ball offer works out at less than €170,000 (£140,000) for each of the new-build apartments.

The influential Namawinelake blog noted that similar size properties in the same area are on the market for close to €300,000 (£248,000).

A Nama spokesman said the agency would not comment on the sale price achieved.

In the past Nama has insisted that every sale price agreed by the agency comes after an open competition and is backed up by independent valuation advice.

Senior figures at the agency insist it does not accept "low-ball bids" for assets.

Development Securities said it plans to refurbish the block.

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