Property
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
By Michael Hennigan, Finfacts founder and editor
Dec 2, 2014 - 8:53 AM

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A laser graffiti show at Boland's Mills, Dublin Photo: Maxwell Photography

The National Asset Management Agency (NAMA), Ireland's 'bad bank' or toxic property loans agency,  has announced Tuesday that it will redeem another €1bn of senior bonds on Wednesday. NAMA also announced that it will fund  development of the Boland’s Mill site in Dublin’s south Docklands.

This brings to €8.6bn the amount of senior bonds redeemed to date in 2014 and to €16.1bn the amount of senior bonds redeemed since inception (53% of the amount originally issued). It means that NAMA has now exceeded the cumulative 50% (€15.1bn) target it originally set for the end of 2016 and it has done so a full two years ahead of schedule.

NAMA has also announced that it has provided funding for the planning process for the development of "the landmark Boland’s Mill site in Dublin’s south Docklands." The joint receivers to the site, Mark Reynolds and Glenn Crann of Savills, have today submitted a planning application for the development of the site to Dublin City Council. The application includes proposed office, residential, cultural and retail development, totalling almost 400,000 sq. ft. (approx. 36,800 sq. m.). Much of the development will be office accommodation but it will also include 42 two- and three-bedroom apartments, a cultural and exhibition space, in addition to retail and restaurant space. The planning application envisages the creation of a new urban quarter with new streets and open spaces, including a large public square, opening on to Grand Canal Dock.

"This is the first major planning application to be submitted since approval of the Docklands Strategic Development Zone (SDZ) Scheme in May 2014," the agency said.

Brendan McDonagh, NAMA chief executive, said that “the development of the Boland’s Mill site of almost 400,000 square feet of commercial, residential, retail and cultural space, including 42 apartments, will be very positive not only in terms of bringing greater vibrancy to the South Docklands area but also in terms of addressing the shortage of quality office and residential accommodation in the Central Dublin Business District”.

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