Business Irish

Wednesday 28 September 2016

Cairn Homes hires key Nama executive for land gamble

Published 21/06/2015 | 02:30

Cairn, which raised €400m from investors to buy land and build homes in Dublin, is targeting assets and loans being sold off by Carey's former employer Nama
Cairn, which raised €400m from investors to buy land and build homes in Dublin, is targeting assets and loans being sold off by Carey's former employer Nama

Cairn Homes, the Irish housebuilder has hired top Nama insider Brian Carey, who will join the company when his 'gardening leave' ends next month.

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Cairn, which raised €400m from investors to buy land and build homes in Dublin, is targeting assets and loans being sold off by Carey's former employer Nama.

"The group may also consider the acquisition of loan assets secured against sites from Nama, financial institutions and/or investment funds with a view to realising the security and obtaining the underlying development land," according to its investor prospectus. "The group intends to only acquire loan assets where the borrower is already in default under the loan."

Nama controls one of the biggest development land banks in the State and is in the process of winding down through the sale of loan books.

"Brian Carey has agreed to join the group from Nama as senior acquisition manager in July 2015 and has extensive experience in dealing with development land, loan portfolios and related security packages," according to Cairn.

From 2012 until last April, Carey worked as a senior asset recovery manager within Nama's residential division.

Key Nama executives are required to serve a period of 'gardening leave' before taking up new employment in the same industry. This is designed to prevent them from having access to potentially commercially sensitive information ahead of a move to the corporate sector.

"The decision on whether or not to place staff on garden leave is made on a case-by-case basis and would include consideration... of the person's role within Nama, and the person's new employer," a Nama spokesperson said.

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