Is NAMA flooding London's property market? | Business | guardian.co.uk
Ireland's National Asset Management Agency is, along with Royal Bank of Scotland and Lloyds, one of the top property lenders in the UK after scooping up around €81bn (£72bn) of loans to property developers.
The agency set up in the wake of Ireland's financial crash, has been widely criticised for failure to move quickly enough on developers. But finally after 18 months getting its processes together, it is moving in on developers with prime London assets as part of a fire sale designed to raise billions for the bank and the taxpayer.
In just two days it is taking steps to take full control of the a prime sites in Leicester Square, Shoreditch and Canary Wharf.
Today, it emerged that NAMA has appointed auction house Allsop as receivers on a Leicester Square site that includes the Odeon cinema on the south western corner. They recently impressed NAMA after raising €15m in Ireland's first repossession sale.
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