Comments on: A Green View of NAMA http://www.irisheconomy.ie/index.php/2009/04/24/a-green-view-of-nama/ Sun, 12 Feb 2012 14:31:09 +0000 http://wordpress.org/?v=2.6.3 By: Calan http://www.irisheconomy.ie/index.php/2009/04/24/a-green-view-of-nama/#comment-5969 Calan Fri, 24 Apr 2009 18:09:01 +0000 http://www.irisheconomy.ie/?p=1900#comment-5969 "REITs listed on the Singapore SE - they’re now yielding 15% (despite average vacancy rates between 15%-40% on their Commercial Property holdings)." Clearly in this instance S.E. returns bear no relation to the underlying economic reality. Why should this yardstick be used for the Irish property market? “REITs listed on the Singapore SE - they’re now yielding 15% (despite average vacancy rates between 15%-40% on their Commercial Property holdings).”
Clearly in this instance S.E. returns bear no relation to the underlying economic reality.
Why should this yardstick be used for the Irish property market?

]]> By: Brian Lucey http://www.irisheconomy.ie/index.php/2009/04/24/a-green-view-of-nama/#comment-5963 Brian Lucey Fri, 24 Apr 2009 16:04:37 +0000 http://www.irisheconomy.ie/?p=1900#comment-5963 Derek - dont get them all confused now with facts and reality. Derek - dont get them all confused now with facts and reality.

]]> By: Derek Brawn http://www.irisheconomy.ie/index.php/2009/04/24/a-green-view-of-nama/#comment-5959 Derek Brawn Fri, 24 Apr 2009 15:45:33 +0000 http://www.irisheconomy.ie/?p=1900#comment-5959 Ciaran Cuffe seems to herald NAMA as a wonderful thing - the State becoming the largest landlord in the land, possibly structured as a REIT, a long-term property fund (idea has now been gathering political momentum) that can implement Green Party policies on the National Spatial Strategy through change of use of commercially seized properties. Scary stuff. Before the politicians get carried away, perhaps they should look at the largest (dozen or so) REITs listed on the Singapore SE - they're now yielding 15% (despite average vacancy rates between 15%-40% on their Commercial Property holdings). Since Singapore is more advantageously positioned to benefit from the global turnaround - if and when it occurs - than Ireland, it begs the question that if these property funds in the gateway to Asia are yielding investors dividends of 15% why is it that NAMA is expected to purchase impaired loans at such a small discount to book value? What discount would NAMA have to use to ensure that Eire Real Estate Investment Trust could pay its shareholders (taxpayers) a prospective dividend of 15%? Ciaran Cuffe seems to herald NAMA as a wonderful thing - the State becoming the largest landlord in the land, possibly structured as a REIT, a long-term property fund (idea has now been gathering political momentum) that can implement Green Party policies on the National Spatial Strategy through change of use of commercially seized properties.

Scary stuff. Before the politicians get carried away, perhaps they should look at the largest (dozen or so) REITs listed on the Singapore SE - they’re now yielding 15% (despite average vacancy rates between 15%-40% on their Commercial Property holdings).

Since Singapore is more advantageously positioned to benefit from the global turnaround - if and when it occurs - than Ireland, it begs the question that if these property funds in the gateway to Asia are yielding investors dividends of 15% why is it that NAMA is expected to purchase impaired loans at such a small discount to book value?

What discount would NAMA have to use to ensure that Eire Real Estate Investment Trust could pay its shareholders (taxpayers) a prospective dividend of 15%?

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