Partners of a UK investment firm who have bought a 17% stake in the National Asset Management Agency’s holding company NAMAIL have insisted that they believe the property market here is “now close to stabilisation.”
NAMAIL was established as an investment holding company to facilitate the participation of private investors in the NAMA project. The stake, which was bought by partners of Walbrook Capital, was previously held by Irish Life.
Senior partner of Walbrook Capital, Michael Keeley, said this morning: “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.”
The transaction has already been approved by the boards of NAMA and NAMAIL.