Property fund bosses question Nama's role as developer

Two major property investors have expressed reservations about Nama’s conversion from toxic loan handler to development force.

Speaking at *The Sunday Business Post* Property Summit last Tuesday, Stephen Vernon, founder of Green Reit, and Kevin McGillycuddy, managing director of Brehon Capital investment fund, both queried the agency’s developer ambitions.

“Nama getting involved in development is a bad move,” said Vernon, who has managed billions of euro worth of Irish property investment assets.

Instead, ...