Nama confirms sale of 17% stake

Mon, Oct 22, 2012, 01:00

The National Asset Management Agency has confirmed a company owned by partners of a UK investment firm has bought a 17 per cent stake in the agency's holding company.

NAMAIL was established as an investment holding company to facilitate the participation of private investors in the project. The stake, which was bought by partners of Walbrook Capital, was previously held by Irish Life.

"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," said Michael Keeley, senior partner of Walbrook Capital, in the statement.

The transaction has already been approved by the boards of Nama and NAMAIL.

Other stakeholders in Nama include New Life New Ireland Assurance, which owns 17 per cent, and Percy Nominees, a nominee of AIB Investment Managers, which is owned by Prescient Holdings.

The European Union's statistics office Eurostat said today the sale of a stake in Nama by Irish Life meant the agency could be classified as a special purpose entity outside the general government sector.

Additional reporting: Bloomberg

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