Monday, October 22 12:25:21
A UK investment company is to buy part of NAMA's holding company designed to facilitate private investment, it emerged this morning.
Walbrook Capital is buying the 17pc stake previously owned by Irish Life in NAMAIL, which was established as an investment holding company to facilitate the participation of private investors in the project.
"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.
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.