Potential sale of NAMA’s Northern Ireland property portfolio a major focus
Belfast, 1st March 2014–Commercial property consultants CBRE today released their first bi-monthly report for 2014, focussing on trends in all sectors of the Northern Ireland commercial property market. According to the property consultants, in contrast to the Republic which has experienced record volumes of transactional activity in the commercial real estate market during January and February, activity has been somewhat muted in the Northern Ireland property market since the beginning of the year.
However, CBRE say that although there was limited transactional activity recorded across the region during January and February, several transactions are currently in legals while efforts are underway to prepare a number of assets for sale over the coming months and investor appetite remains strong.
According to Brian Lavery, Managing Director at CBRE Belfast, “News that the National Asset Management Agency (NAMA) have appointed Lazard on the sale of its entire Northern Ireland property portfolio, following an approach by a potential investor will be a major focus over the coming weeks considering the potential impact a large-scale sale would have for the market. In the occupier markets, there are several office leasing transactions underway in the Belfast market although it is likely to be the second quarter of 2014 before these transactions are signed. Encouragingly, there have been clear signs of positivity emerging in the retail sector over recent months with several new entrants expected to sign deals over the coming months”.
According to the report, over the coming months, attention will undoubtedly be on the entities that have considerable deleveraging to do in Northern Ireland and the pace at which they might bring assets or loans to the market with NAMA’s Project Eagle certain to be the main focus.
Brian Lavery – 0044 208 9043 8555 / firstname.lastname@example.org or
Marie Hunt – 00353 1 618 5543 / email@example.com
About CBRE Group, Inc.
CBRE Group, Inc. ((NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni