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NAMA central to €99.9m Google D4 property deal

Laura Noonan The Independent
Google had a particular interest in Montevetro since the online giant already has a significant operation across the road at the Gasworks

Google had a particular interest in Montevetro since the online giant already has a significant operation across the road at the Gasworks


THE National Asset Management Agency (NAMA) yesterday claimed its first public victory in the property market, announcing the "intrinsic role" it had played in the €99.9m sale of the Montevetro building to internet giant Google.



In a statement, Nama also said that it had recovered "in excess" of the original amount it paid for the Montevetro loan plus the additional cash it gave Real Estate Opportunities (Reo) to complete the project.

Market sources believe the taxpayer will still take a heavy hit on the 210,000 sq ft Montevetro project, since the original loan was advanced by almost-nationalised AIB, which is understood to have suffered a significant haircut when the loan moved to Nama.

Nama's announcement on Montevetro marked the agency's first public commentary on an individual asset sale and came as both Google and Reo issued announcements on the deal, which will give Google space for 2,000 extra workers.

In a statement, Nama said the completion and sale of the building demonstrated the "positive potential of Nama to support the commercial property market in Ireland without compromising its objective of recovering money owed to the taxpayer".


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