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The National Asset Management Agency (NAMA) has provided further details of its plans to develop new commercial and residential projects as part of its €2 billion investment programme in Ireland in response to emerging demand in key markets.
The Agency's Chairman said that these plans include the development of significant additional office accommodation within the Dublin Central Business District, particularly focused on the Docklands, in response to the on-going expansion of the country’s key financial services sector and the development of new business and technology hubs in line with Government enterprise creation policy.
Speaking to the Association of European Journalists in Dublin, NAMA Chairman Frank Daly said the Agency expects to make significant investments in the Dublin Docklands to cater for the future job creation arising from the country's continuing strong performance in the global financial, technology and other key service sectors and to meet NAMA's commercial objective of maximising value from the management of its acquired assets.
NAMA is also evaluating residential projects where demand exists in Dublin and in other major growth centres throughout the country.
Speaking in the context of NAMA's €2 billion Irish investment programme, Mr Daly illustrated the Agency's plans by reference to the Dublin Docklands: "We hold security over a considerable number of properties and lands on both sides of the River Liffey and are currently assessing the commercial feasibility of a wide range of projects – not least those in the undeveloped part of North Wall Quay in the north Docklands.
"The Dublin Docklands has been a marked success from an investment perspective, already accommodating over 40,000 employees in the technology, banking, financial, commercial law and other service sectors.
"The area is expected to require significant new development over the medium term, particularly of commercial office space, to accommodate the continued expansion of the financial services sector and the creation of new business and technology hubs in the wake of the move by companies such as Google and Facebook to the area."
(CD/GK)
