NAMA are close to greenlighting the sale of nearly 70 Dublin apartments to a UK-based cuckoo fund.
The state agency has reached a deal to sell off the 69 apartments at The Casino in Malahide to SeaPoint Capital.
34 apartments in the complex were sold off by NAMA to private buyers over the past two and a half years for an average price of €433,000, according to the Irish Times.
But NAMA will sell off the remaining vacant flats in bulk, with SeaPoint leading the charge in a deal valued at over €30 million.
The British fund have already bought up homes in the city centre, Tallaght, and Blanchardstown.
The news comes as over 25,000 people have signed a petition calling for an end to tax breaks for the cuckoo funds and for a pledge to build more public homes.
The petition has been delivered to Cabinet ahead of a meeting this morning to discuss the issue of the bulk-buying of homes to rent by foreign investment funds.
The petition calls for six changes, including:
- Scrap investor tax breaks - scrap REIT tax
Impose investor tax of 50% on profits
Restrict sale of new developments to individual home buyers and not for profits
Build public and affordable homes on huge state lands
A right to housing in our Constitution
Remove land lords ability to evict tenants for sale & no fault evictions
