Sunday 25 February 2018

Former NAMA official Mulcahy joins IPUT as it beefs up property fund


FORMER top official at the National Asset Management Agency (NAMA) has joined the board of IPUT, as it attempts to attract overseas investment for its €1bn property fund.

He will join the board in July, property trust IPUT chief executive Niall Gaffney said, according to news agency Bloomberg.

Mulcahy, who is a former chief executive at Jones Lang LaSalle, joined NAMA back in 2009 and retired this year as head of asset management.

Since the property market collapse a slew of international investors like Blackstone and Lone Star funds have entered the Irish market.

IPUT aims to have 25pc of its investors from overseas by the end of the year.

Investor have spent just under €1bn on Irish property in the first quarter.

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