NAMA Said to Prepare Sale of Dublin Office Properties

Ireland’s National Asset Management Agency is preparing to sell three office buildings in central Dublin with a combined valued of more than 100 million euros ($134 million), two people with knowledge of the plan said.

The properties are the Bloodstone Building in the docklands district, Grand Mill Quay near Google Inc.’s European headquarters and Hume House, a property in the affluent Ballsbridge neighborhood that’s likely to be redeveloped, said the people, who asked not to be identified because the information is private. NAMA hasn’t decided whether to proceed with the sale, which would be its biggest divestment in Ireland since it was set up in 2009

Ray Gordon, a NAMA spokesman who works for Gordon MRM, declined to comment.

The real estate market is emerging from the biggest slump in western Europe, led by Dublin. Income returns from office buildings in the capital are more than 10.5 percent a year, the highest among the cities covered by research firm Investment Property Databank Ltd.

Downtown office values increased for the first time in six years in the first quarter, gaining 0.3 percent from the previous three months, IPD said in April. The average value of properties in the docklands rose 2.2 percent, the London-based firm said.

NAMA was set up to take on and sell real estate mortgages purged from Ireland’s lenders.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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