Bloomberg News

Ireland’s NAMA Plans to Set up Funds for Real Estate Investors

January 26, 2012

Jan. 26 (Bloomberg) -- Ireland’s National Asset Management Agency plans to set up funds to allow investment in real estate in Ireland, the U.K. and Europe.

The funds would acquire property to which receivers have been appointed, David Clerkin, a NAMA spokesman, said by phone. NAMA is allowed appoint receivers to property backed by loans which it controls when a borrower is in breach of lending terms.

The funds, known as Qualifying Investor Funds, will be covered by Irish law. Investors must have a minimum of 100,000 euros to place with such a fund, according to the central bank. Dublin-based NAMA is seeking investment management services for the funds, according to documents posted on the agency’s website.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net


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