Top Nama adviser has €2.3m stake in property firm
KEY Nama property adviser John Mulcahy owns more than €2.31m worth of shares in his former employer, the US-listed group Jones Lang LaSalle, which operates a major Irish property sales and consultancy operation.
Corporate documents for Jones Lang LaSalle’s Irish business show that Mulcahy held 41,508 shares in the companies US parent, which is listed on the NYSE. The filing — which was signed off on July 28, 2009, relates to the year ending December 2008.
Jones Lang LaSalle’s share price has almost trebled since then on the back of a rebound in US values.
“Mulcahy continues to own a shareholding in Jones Lang LaSalle Inc... Mr Mulcahy has severed links with Jones Lang LaSalle Ireland and no longer has any involvement with the company,” according to a Nama statement. “However, Mr Mulcahy absented himself from any discussions concerning Jones Lang LaSalle during the tender process to establish this panel and he is not involved in the allocation of work to firms chosen for the panel,” it continued.
Mulcahy is not on the board of Nama but he is the agency’s head of portfolio management.
This means that he will have control over what developments will get the green light and which will be mothballed. Mulcahy was appointed as interim head of portfolio management in June 2009, while on secondment from Jones Lang LaSalle.
His appointment was made permanent in February. Jones Lang LaSalle is heavily involved in the Irish market and with distressed property players. The company is one of the five main national valuers to Nama along with Lisney, Savills, DTZ Sherry Fitzgerald and CB Richard Ellis. Jones Lang LaSalle is also one of the four valuers appointed to advise Nama on assets held in major US cities.
These contracts were awarded by Nama in December after a tender process.