Wednesday 22 January 2020

Once a property man, always a property man . . .

THE Punt admits it wasn't our most original thought but when we heard John Mulcahy was leaving NAMA, it did occur to us it might be to wend his way back over to the private sector.

But after four years at the top of the world's biggest property venture, and 40 years in the property business generally, it seems not.

The plan to retire at the age of 65 in February is apparently exactly that, a plan to retire.

It won't stop the gossip, mind you, and John (right) can expect to hear his own name linked to the likes of Lone Star, Blackstone and Kennedy Wilson over the next few months, by those claiming to be in the know.

That is partly because, unlike his NAMA colleagues Frank Daly and Brendan McDonagh, Mr Mulcahy has always been a property man. He trained as a chartered surveyor and initially joined the agency on secondment from Jones Lang LaSalle (JLS), where he was the chairman.

He'll step down from both the board of NAMA and his executive job as head of asset management. On the latter front, NAMA's own Mary Birmingham will take over.

Despite being a mainstay of Irish business for years, John himself remains a bit of a mystery.

Unless you count wandering around big buildings, he is thought to have no hobbies to speak of. That might change now he's going to be at a loose end.

We wish him all the best as he goes, but can't help wondering whether he really will be able to resist the siren song of bricks and mortar.

Irish Independent

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