Property fund recruits NAMA's former asset chief
THE former head of asset management at state-owned NAMA is to join property investment fund IPUT.
IPUT is the country's largest established property fund, with a portfolio estimated to be worth €1.1bn.
Property veteran John Mulcahy, who left the toxic loans agency in January, will take up his position on the board from July 17.
It means he's rejoining the private sector about six months after leaving NAMA.
All departing NAMA staff are subject to a three-month notice period and garden leave provision, but as a former director John Mulcahy was also subject to the board's voluntary policy not to take up any role for six months that could reasonably be seen to lead to a potential conflict of interest, without first obtaining approval from the rest of the board.
A NAMA spokesman also pointed out that NTMA employees, including those assigned to NAMA, are subject to the Official Secrets Act and former NAMA staff are also bound by a confidentiality requirement.
Over the past 18 months, IPUT has committed around €400m in investor capital to the Dublin office sector and reported total returns for the 12 months to March 2014 of over 21pc.
Mr Mulcahy's appointment to the IPUT board is subject to regulatory approval and will take effect from July 17.
IPUT has 79 properties across the office, retail and logistics sectors, producing €70m per year in rent.
IPUT chairman Frank Close said Mr Mulcahy's extensive experience will "significantly contribute" to the company's evolution.
"Following his earlier successful leadership of the Jones Lang LaSalle advisory practice in Ireland, Mr Mulcahy retired last January as a director of NAMA where he was head of asset management at the agency," Mr Close said.
"He played a significant role in the establishment of NAMA, overseeing the management of the portfolio of impaired and systemically significant real estate loans it acquired from a damaged Irish banking system.
"He directed the management of these assets in the national interest while retaining the respect and co-operation of the real estate industry both at home and abroad."