NAMA Take Control Of NI Property

The Irish Government's National Asset Management Agency (NAMA) has released more details about the Northern Ireland properties it has repossessed.

According to the BBC the properties have been published in an updated list containing more than 50 sites.

It is understood that the remainder of developer Mervyn McAlister's portfolio have been taken on by the agency.

This includes five sites in Ballycastle, two in Dungannon and one each in Belfast, Ballymoney and Loughguile.

This is the same developer who had planned to build the tallest building in Belfast, the Aurora skyscraper.

Meanwhile a portfolio that was once controlled by Dromore developer Sam Thompson was also on the list.

Mr Thompson, who is now bankrupt, had borrowed heavily from Anglo Irish Bank.

Another notable site on the list is a 40-acre site at Drumahoe outside Londonderry which was owned by McDaid Developments (Ireland).

Nama was set up by the Irish government in response to the property and banking crisis.

They have taken over £3.5bn of Northern Ireland property and land loans.

The asset agency warned NI landowners and developers that what was once viewed as hugely valuable land is now almost worthless.

They said the end of the false property boom was going to cause "financial pain".

(LB/BMcC)