The profits now being made off assets previously controlled by NAMA show the madness of the government’s “Sell-Off Strategy,” according to the Workers’ Party.

Comments released by Cllr. Éilis Ryan (Workers’ Party, North Inner City) were sparked by news that Hibernia REIT, whose asset portfolio contains a large number of former NAMA-controlled properties, expected to increase dividend shareholders by 47% off the back of unexpected growth rates in 2016.

Cllr. Ryan said:

“A huge percentage of the properties in Hibernia’s portfolio – such as the Observatory on Sir John Rogerson’s Quay, the former Garda Síochána headquarters on Harcourt St., and Windmill Lane, – originated in NAMA.

“These assets have already generated profits for intermediary buyers, and are now generating significant rents for Hibernia REIT.”

Cllr. Ryan said that the increased dividends demonstrated the value of taking an “investment” approach to state assets, rather than the short-term sell-off which tends to characterise state management of the property in its control.

“Its notable that the Office of Public Works is one of Hibernia’s top tenants – paying €6.6 million in rent to Hibernia each year. Would it not have made better financial sense for NAMA to take properties into public ownership and rent them to state bodies, rather than the state having to pay a private fund rent, so they can reap dividends for their shareholders?”

The councillor concluded by calling for the state to intervene in NAMA’s remaining activity in order to safeguard all remaining land and property under the control of the Agency.

“NAMA still has land and property which would be better viewed as an investment in the future of our country – rather than as yet another sell off opportunity. Its not too late to get it right.”