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Archive for April 7th, 2010

This is the startling news from Lisney’s published in today’s Independent which claims that Zone A rents in Dublin are now set at between €4500-6000 per square metre per annum and fell by almost 11% in the first quarter of 2010. Lisney’s also point to the unprecedented number of available units on Grafton Street.

What does this mean for NAMA and its valuation date of 30 November 2009? If commercial values have been determined by reference to rental yields and rents are now plummeting the fear is that we have substantially overpaid for these assets.

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NAMA yesterday produced a release confirming that it has now acquired the first tranche of loans from four of the five NAMA institutions – BoI, AIB, EBS and INBS. Although the consideration paid for AIB’s first-tranche loans has increased marginally from €1.88bn to €1.90bn, nothing else has changed in respect of what we know about these loans compared with the announcements last Tuesday 30th March, 2010 and NAMA has now issued bonds close to €3.5bn.

However it is concerning that the deadline for Anglo has been pushed back. Yesterday’s release says the first tranche of Anglo loans will be transferred in “the coming weeks” – later than the “early April” cited in last week’s releases. In last week’s releases, Anglo’s numbers were estimates and were “subject to audit” and to many had the ring of roundness an guesstimate to them – €10bn gross value for the loans and a 50% discount (note NAMA are no longer using the term ‘haircut’).

What’s happening at Anglo?

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