Dublin apartments set for sale to UK-based investment fund

Dublin apartments set for sale to UK-based investment fund

A UK-based investment funds is close to signing a deal for the purchase of 69 apartments in Dublin from the National Assets Management Agency (Nama).

The agreement has been reached in principle for the sale of the apartments at The Casino development in Malahide to SeaPoint Capital, according to The Irish Times.

Thirty-four of the apartments in the development have already been sold to private buyers, with an average selling price of €433,000. However, Nama is now selling the remaining properties in bulk, with SeaPoint said to be the preferred bidder.

The investment firm's Dublin-based chief executive Kieran Gilmartin said he was not in a position to comment on the matter when contact by The Irish Times, and a spokesperson for Nama also declined to comment.

The deal in principle comes as Cabinet is due to hear proposals today to block investment funds from buying large stocks of residential properties.

The proposals follow increasing pressure on the Government to take action amid reports of entire developments of family homes had been bought by investment funds, a practice which Opposition parties and housing campaigners say is squeezing families out of the housing market.

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