Stephen Donnelly (Wicklow, Independent)
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273. To ask the Minister for Finance his views on the recent sale of a site at Nos. 1 to 6, Sir John Rogerson’s Quay to the Hibernia Real Estate Investment Trust in an off-market transaction for nearly €18 million, just over 12 months after the National Asset Management Agency sold the site to the Australian student accommodation company, Urbanest, for €7 million; and if he will make a statement on the matter. [34254/14]

Stephen Donnelly (Wicklow, Independent)
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274. To ask the Minister for Finance his views that the recent sale of the Forum Building in the Irish Financial Services Centre to the Hibernia Real Estate Investment Trust for €38 million, after the property had previously been sold by the National Asset Management Agency in December 2012 to Atlas for €28 million. [34255/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 273 and 274 together.

Sales of assets and loans under the control of NAMA are a commercial matter for NAMA and I do not propose to comment on specific cases.

As a general comment, I would suggest to the Deputy that the much improved performance of the Irish commercial market over the past year is a very welcome development, particularly in the context of the very steep price decline which occurred between 2007 and 2013.

NAMA has a policy of openly marketing assets for sale and the prices achieved on asset sales to date reflect market prices at the time the sales were agreed. It is a matter for private sector purchasers to make their own decisions regarding the timing of their asset sales, their target disposal prices and whether or not they wish to sell assets off-market.

The Deputy may be aware that, over the period from 2010 to 2012, NAMA adopted a strategy of limiting asset disposals into the Irish market given the low level of demand and given the ongoing downward trend in prices. By so doing, NAMA ensured that only a small proportion of Irish assets were sold. I am advised that less than 5% (by value) of the Irish property portfolio securing NAMA loans (at acquisition) had been sold by the end of 2012. Adoption of this strategy has left NAMA and its debtors and receivers in a strong position to take advantage of the price appreciation evident in the Irish market over the past year.