Sooner than expected, NAMA has this afternoon published its second so-called “Enforcement List” – real estate properties subject to NAMA loans to which receivers have been appointed. The list is available as a non-searchable PDF here – hopefully a more manipulable format will be available here later today. I have extracted here the new property added in the second edition. The list is supposed to be accurate as at 31st July, 2011. (UPDATE: 31st August, 2011. It seems that the new property added – approximately 40 in total – mostly represents Sean Dunne’s, Paddy Kelly’s and the Grehan brothers’ assets)
In summary there are 887 properties on the list, up from 857 last month. The list is supposed to encompass all NAMA foreclosed property, inIreland,Northern Ireland,Great Britainand the rest of world. Remember that is just includes real estate property – you won’t find planes, helicopters, speedboats, cars, art, wine, investment portfolios here.
The list is of intense interest as many of properties are likely to be for sale, though you should note the caveat in the introduction to the list that some properties may not be for sale. NAMA publishes on its website a list of terms and conditions that accompany the Enforcement List.
In the first instance, queries or expressions of interest should be forwarded to the receivers whose website addresses are shown alongside the relevant property. If you think there are errors on the list then you should contact NAMA by sending a message to firstname.lastname@example.org
NAMA published the first edition of the Enforcement List on 28th July, 2011 and there is an entry here which examined that list.
Some frequently asked questions about the list
Q. NAMA has said it has 83 hotels inIreland in its portfolio, why are there so few hotels on this list
A. This list only contains real estate property subject to NAMA loans, to which receivers have been appointed. Most hotels subject to NAMA loans inIreland continue to be operated by the original developers/borrowers.
Q. Why is the list so short. Is this all the property assets in NAMA?
A. NAMA has said that its loans encompass over 16,000 properties so this list represents a small fraction of that total. Most property remains in the hands of the original developer.
Q. I contacted the receivers and they say the property is not for sale.
A. I understand most of the property on the list is for sale, but the role of the receiver is to maximise the return to NAMA, so some property may potentially be developed, rented, managed, mothballed or even demolished.
Q. I contacted the receivers and there has not been any response, or they referred me to an estate agent that has not responded to my enquiries?
A. NAMA is interested in monitoring the performance of its receivers and their agents, but remember this list generates a lot of interest – the first edition was downloaded over 10,000 times from the NAMA website, and over 5.400 times from the NAMAwinelake blog. So receivers and agents are likely to be burdened with spikes in enquiries. Ultimately if you are not getting satisfaction from the receiver, then NAMA may be interested in hearing from you.
Q. Is this all the property associated with NAMA that is for sale?
A. No, developers who still own property subject to NAMA loans may also sell their own property directly – under NAMA’s auspices of course. There is no comprehensive public list of this property.