Nama expects a profit and a surplus of 4.25 billion euros to the state for 2021

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Nama said it expected a profit in 2021 and reiterated its view that it would have a total surplus of 4.25 billion in the state by the time it ceases operations in 2025.

As reported in December, Nama transferred € 1 billion to the state last year, bringing the total cash surplus to € 3 billion.

Nama said it had raised € 670 million in cash in 2021, a grand total of € 47 billion since its inception.

In its annual report, Nama said that 23,155 new homes have been funded and supported by the agency since 2015.

This consists of 13,185 units funded directly by Nama and 9,970 units completed at locations Nama funded building permits, construction, legal fees, or pre-disposal storage costs.

“To date, Nama has provided 2,687 social housing units to local authorities and licensed housing companies,” the agency said.

Poolbeg site

Nama reiterated that it had received € 200 million from a consortium led by real estate developer Johnny Ronan for an 80 percent stake in a key development property in the Poolbeg West strategic development zone.

Nama retains a 20 percent stake in the site, which has the potential to deliver 3,800 residential units and one million square feet of commercial space.

A building application for the first phase of 600 housing units (including 152 social and affordable housing) was submitted in July and a decision from Dublin City Council is expected in 2022.

Brendan McDonagh, Nama CEO, said 2021 will be another year of “strong performance” for the agency.

“We have continued to gain significant value from our remaining portfolio, generated 670 million euros in liquid funds over the course of the year and posted a nine-month profit of 130 million euros. Nama is now in the final stages of its work through 2025, but we remain committed to providing taxpayers with the best value from our remaining portfolio. “

Nama-secured sites have a residential pipeline of approximately 20,000 additional units, of which 2,600 units can potentially be supplied by Nama as they are currently under construction or Nama has approved funding.

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