New figures suggest Nama is less exposed to rural property developments outside of the big cities than once thought.
The asset management agency yesterday produced details of its portfolio investments across Ireland.
Its 2014 annual report says that the “urban-centric” assets it holds in counties Cork, Galway, and Limerick are just the sort of properties that are sought by investors.
Nama produced a county-by-county guide to the location of its assets. This showed that €7.72bn of assets, or almost 70% of all its Irish portfolio, remains in Dublin.
The commuter belt accounts for a further €974m, or 9%, of all its remaining assets. Cities outside Dublin hold over €1.65bn in assets, equivalent to 15% of its Irish assets.
Cork, Galway, and Limerick together account for about €1bn in assets.
Cork has €917m of property assets in Nama, the highest amount of any county outside the greater Dublin region. That amount has almost halved in recent years.
Galway has the second largest concentration of Nama assets outside the Dublin region, with €526m in assets. It is followed by Kildare and Meath where Nama holds assets of €498m and €227m.
Limerick has €215m in assets held by Nama.
The agency says that in rural Ireland it holds relatively few assets.
Longford holds only €5m in Nama assets, the lowest amount for any county. Monaghan is the next lowest, with €8m in loans, while Leitrim and Offaly hold €10m and €13m.
Nama said that overall, 45% of its assets are in Dublin, followed by 20% in the rest of the country. London accounts for 18% of its portfolio, while the rest of Britain accounts for a further 6% share of its assets.
It now only holds 7% of its remaining assets outside Ireland and Britain. A further 4% of its assets are held in financial instruments.
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