Former Nama executive Mary Birmingham has joined Irish housebuilder Glenveagh Properties.
Ms Birmingham has been appointed to the position of chief investment officer at Glenveagh Living – a subsidiary of the Dublin-listed housebuilder. Before taking this role, Ms Birmingham was head of asset management at Nama up to May 2018. It’s understood she has been on gardening leave since then.
Ms Birmingham is among a number of top executives at the State body who left to pursue work in the private sector, including Glenveagh's executive chairman John Mulcahy and Hibernia Reit chief executive Kevin Nowlan.
Prior to working with Nama, Ms Birmingham worked as a self-employed project director, before which she held senior positions in Irish Life investment managers – having joined that company in 1981.
"Mary brings a wealth of experience of the institutional and development property market in Ireland, " said Glenveagh chief executive Justin Bickle.
“We believe that Glenveagh Living can play an important role in meeting the growing demand in Ireland for residential solutions for institutional investors and public bodies,” he added.
High demand
Glenveagh’s subsidiary has acquired sites it believes could deliver up to 1,850 properties in Dublin and Galway in the coming years. It is one of two arms established by the housebuilder, the other of which is called Glenveagh Homes.
The “homes” division delivers starter units to the private residential market and develops mid-size and “executive” houses and apartments in areas of high demand. The “living” arm of the company, which Ms Birmingham is joining, delivers both apartments and houses for the public sector, and institutional investors.
Interim results for the six months to June 30th show that Glenveagh earned €1.3 million in revenue from selling new homes and renting some of its sites.
The company lost €8.16 million before tax, which included €8 million in administrative expenses, as well as set-up and finance costs.
The recently-floated builder has spent €479 million buying land for house construction, it said last week.
Glenveagh has a landbank capable of delivering 11,370 homes, it says. Some 31 per cent of this portfolio is “shovel-ready”.
