The Irish government's asset management agency, NAMA, has finalized its first sale of major assets by selling a Dublin office building to Google.
NAMA was set up by the Irish Government to buy almost all land and development loans from Irish banks. Among these loans was one made to REO, a property developer, with relation to the commercial Montvetro building in Dublin.
The agency has also lent money to REO so they can complete construction. Montevetro will the tallest building in Dublin City.
Google paid $ 136 million for the building. The search engine company intends to use the 19,000 square-meter building to accommodate new business activities.
Frank Daly, the chairman of NAMA said "The successful completion of the Montevetro development and its sale again reflects the positive potential of NAMA to support the commercial property market in Ireland without compromising its objective of recovering monies owed to the taxpayer."
He added "It is an excellent example of NAMA's ability to enhance the value of its assets for the benefit of taxpayers."
Ray Horney, the chairman of REO said the deal is one of the largest sales of commercial property to take place in Ireland in several years.
He also said "Google is an iconic name globally and its decision to buy Montevetro is good news for Ireland and we wish them every success in their new home."
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