Qualifying Investor Fund 
NAMA has announced plans to establish a Qualifying Investment Fund (QIF), a form of regulated fund vehicle, which will invest in property and property related assets in Ireland, the UK and Europe. It is intended that the QIF will operate as a multi-manager platform and NAMA has sought (through a tender process), an Investment Manager at the platform level with responsibility, among other matters, for selecting, monitoring, retaining and supervising Sub-Investment Managers, independent valuers and other service providers. A separate tender was also issued seeking providers of administration and custody services to the QIF.

To view an article on Qualifying Investor Property Funds, please click here.

Asset Sales to Defaulters
The chairman of NAMA, Frank Daly, has suggested that the Agency may seek Government permission to sell assets back to defaulters. It is currently restricted from engaging in such sales by its enabling legislation, the National Management Agency Act 2009.

NAMA Performance
NAMA is expected to report a pre-impairment profit of upwards of €750 million for 2011. Speaking at a recent event, the Agency’s Chief Executive, Brendan McDonagh, stated that since its establishment NAMA has approved €7.7 billion in asset sales: €720 million in 2012; €5.04 billion in 2011; and €1.91 billion in 2010. The Agency currently has cash reserves of €4.2 billion. Mr McDonagh also indicated that NAMA is on target to repay bonds of €7.5 billion by 2013.

NAMA has also published a breakdown of its €31.78 billion property portfolio: €17.92 billion in Republic of Ireland; €10.76 in Britain; €1.26 billion in Northern Ireland; and €1.84 billion located elsewhere. Its Irish land and development portfolio (€5.4 billion) is predicted to be the most difficult to dispose of.