Nama teams up with Doherty for 500-unit house building deal


Housing development is one of state agency's largest joint ventures to date

Nama is teaming up with Pat Doherty's Harcourt Developments for a major house building project in south-west Dublin.

The state agency and Doherty's group have applied for planning permission for more than 500 units at a site in Saggart, via an entity called Greenacre.

The entity is seeking to build 459 houses and 67 apartments at the site, according to An Bord Pleanala's website.

The application - filed on August 30 - is being made via the recently introduced fast track system. This enables applications to be made directly to An Bord Pleanala, which holds consultations with the developers and the local authorities before coming to its conclusion.

The systems aims to see decisions made within 25 weeks.

The project is one of Nama's largest joint ventures to date, and is located near the Cuil Duin housing estate brought to market by Harcourt last year.

Harcourt is perhaps best known for the Titanic Quarter project in Belfast and the Park West project in Dublin.

At the end of 2015, Nama announced plans for a major residential funding programme.

"In an effort to de-risk these programmes and to maximise the contribution of the alternative funding, development and construction sectors, Nama will look for JV partners interested in the co-funding and construction of projects," Nama said.

"The agency will explore appropriate financing options for each site to establish the best financing mechanism specific to each.

"These options include Nama funding all of the construction work required; co-funding with other lenders; or establishing project-specific joint ventures with major investment or construction groups.

"Nama will also work with non-Nama building platforms," he added.

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