Walbrook Capital, the UK-based investment firm, has acquired a 17% stake in National Asset Management Agency Investment Ltd (NAMAIL), the investment holding company set up by NAMA to facilitate private sector investment in Ireland’s bad bank.
The stake was acquired from Irish Life and the sale has been approved by the boards of both NAMA and NAMAIL.
Walbrook follows investments by New Ireland Assurance Company and Prescient Investment Managers, formerly AIB Investment Managers, in NAMAIL, while NAMA retains 49% of the shares and retains a veto over all decisions taken by the company.
Michael Keeley, a 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.”
Keeley was one of three founding partners in Walbrook Capital which was formed in 2011, along with Geoff Broomhead and Simon Haworth, who worked together first at Barclays Capital, before leaving in 2009 to manage Barclays’ off balance sheet investment fund, Protium.
Protium was set up in September 2009 and comprised Barclays Capital’s exposure to direct commercial property, commercial mortgage and corporate loans, CMBS, CDO and CLOs.
Keeley managed the Protium’s toxic asset run-off through New York-based hedge fund, C12 Capital Management, but ties between C12 and Walbrook are understood to have since been severed.
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.
New profit for NAMA over the second quarter was €89m and €222m over the year to date.
The nominal value of NAMA’s loan portfolio at the end of the second quarter was €72.4bn, comprised of €13.8bn in performing loans and €58.6bn in non-performing loans. Based on NAMA’s blended 58% discount which the loans were purchased at, less subsequent impairments, the performing pool is €7.3bn and the non-performing loan book is €17.5bn.