Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Leon Farrell/Photocall Ireland
NAMA

NAMA sells 17 per cent stake in holding company to UK firm

The State’s ‘bad bank’ has announced the sale of 17 per cent of shares in its investment holding company to a UK firm.

THE NATIONAL ASSET Management Agency (NAMA) has sold 17 per cent of its investment arm to a UK firm, the State’s ‘bad bank’ announced today.

NAMA, which was set up in the wake of the financial crisis, has sold a 17 per cent of its holding company to Walbrook Capital, a London-based firm that was set up last year to seek ‘long-term investments in the credit, real estate and renewable energy sectors’.

The stake in the NAMA Investment Ltd (NAMAIL), which was established to facilitate private investors’ participation in NAMA, was previously held by Irish Life.

However, the stake had to be sold after the EU’s statistics office, Eurostat, warned that the NAMA’s €30 billion of government bonds would appear on the national debt if the State’s holding in NAMA exceeded 50 per cent.

Michael Keeley, from Walbrook Capital, said in a statement: “The decision to invest in NAMAIL followed a careful assessment of the outlook for the Irish economy and in particular its property sector, which we believe is now close to stabilisation.

“Furthermore, we were impressed by the NAMA management team and the progress that they have achieved to date.  Consequently, we believe that NAMAIL represents an excellent long term investment opportunity.”

Other private sector investors in NAMAIL are New Ireland Assurance and Percy Nominees with the remaining 49 per cent of the holding company owned by NAMA which has a veto over decisions the company takes.

Read: NAMA reports €222 million profit for half-year

Read: Another 180 houses now available through NAMA’s 80:20 scheme

Your Voice
Readers Comments
15
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.