A 17% shareholding in National Asset Management Agency Investment Ltd (NAMAIL) has been acquired by a company owned by the Partners of Walbrook Capital, a UK based investment firm. NAMAIL was established by NAMA itself as an investment holding company in order to facilitate the participation of private investors in the NAMA project.
The NAMAIL shareholding had previously been held by Irish Life who engaged Davy Corporate Finance to undertake a competitive sales process. The transaction has been approved by the Boards of NAMA and NAMAIL.
In addition to this company, private sector investors in NAMAIL are New Ireland Assurance Co. plc and Percy Nominees Ltd, a nominee of Prescient Investment Managers (Ireland) (formerly called AIB Investment Managers). The remaining 49% of the shares are owned by NAMA. Under a shareholders agreement, NAMA exercises a veto over decisions taken by the company.
Michael Keeley, Senior Partner of Walbrook Capital, said: “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.”
Note to Editor:
Walbrook Capital was formed in 2011 with the purpose of seeking direct, strategic, long-term investments in the credit, real estate and renewable energy sectors. Walbrook Capital is based in London. Its founding partners are Michael Keeley, Geoff Broomhead and Simon Haworth.
Monday 22nd October 2012.