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NAMA in e171m sale

NAMA has turned a profit by the significant sale of lands in London's Mayfair believed to worth £150m (€171m).

The 250-space car park in South Audley Street has risen in value from the £125m (€142m) financier Derek Quinlan paid for it at the height of the boom in 2005.

It is believed John Caudwell, founder of Phones4U, is converting the site into a private residence and a small apartment complex.