Nama invests £15 million in Belfast office development

The National Asset Management Agency (Nama) is investing £15 million (€18 million) in an office development in Belfast as part of its ongoing effort to "enhance the value of its assets in Northern Ireland", the agency's chairman has said.

Addressing a visiting delegation from the Northern Ireland Assembly and Business Trust (NIABT) in Dublin today, Nama chairman Frank Daly said the agency is financing the completion of two buildings at Lanyon Place, a "high profile office and leisure complex" whose existing buildings include Waterfront Hall where US president Barack Obama gave a speech on Monday during his visit to Northern Ireland for the G8 summit.

The Soloist Building and Lanyon Plaza, comprising 190 sq ft of office space, will have the capacity to accommodate 1,750 workers when complete.

Mr Daly said Nama was committed to providing more funding to Northern Ireland debtors, in addition to the £123 million which has already been approved.

“We would urge debtors to share their proposals with us, as we want to fund projects that can deliver a strong commercial return.”

The chairman said Nama had engaged with agencies such as Invest NI and professional and representative bodies with a view to making vendor finance available for commercial property transactions in Northern Ireland, or for assets that might be suitable for industrial parks.

Nama has approved £87 million in asset sales in Northern Ireland up to the end of March, and recently announced plans to provide a further £9 million to fund a 95-unit housing development in Millmount in Dundonald near Belfast.

Mr Daly said the agency was also keen to contribute to the delivery of social housing, where commercially viable, and was working with the Northern Ireland Federation of Housing Associations on the Social Housing Development Programme.