Commercial mortgage news: Nama to sell off prime London property

31 May 2011

Written by Simon Whittaker

A range of London properties may soon become available to holders of commercial mortgages after Ireland's National Asset Management Agency (Nama) announced it intends to dispose of its prime assets.

Real estate with a face value of €19 billion (£16.5 billion) will be sold off by the country's 'bad bank' as it continues efforts to repay its debts.

Office space will come on to the market, along with a number of well-known sites, including Leicester Square's Odeon cinema and an Ealing shopping centre, according to the Guardian.

Nama aims to pay off 25 per cent of its bonds by 2013 and Graham Emmett, head of lending at the agency, was quoted by Property Week as stating it will use "borrower-led asset sales and re-financings" in order to exit the UK real estate market, which he described as "more liquid" than that of Ireland.

The assets are likely to be popular when they are on the market, as property economist at Capital Economics Ed Stansfield recently noted there is currently "fairly healthy demand" for commercial property.

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