A UK investment firm has agreed a deal to buy 17% of a holding company designed to facilitate private investment in the NAMA.

A company owned by the partners of UK-based investment firm Walbrook Capital will buy the stake in National Asset Management Agency Investment Ltd.

The NAMAIL shareholding had previously been held by Irish Life.

The deal has been approved by the boards of NAMA and NAMAIL.

Other private sector investors in NAMAIL include New Ireland Assurance and Percy Nominees Ltd, a nominee of Prescient Investment Managers (Ireland), which was formerly called AIB Investment Managers.

The remaining 49% of the shares are owned by NAMA.

"The decision to invest in NAMAIL followed a careful assessment of the outlook for the Irish economy and in particular its property sector, which we believe is now close to stabilisation,'' commented Michael Keeley, senior partner of Walbrook Capital.

''Furthermore, we were impressed by the NAMA management team and the progress that they have achieved to date. Consequently, we believe that NAMAIL represents an excellent long term investment opportunity,'' he added.

London-based Walbrook Capital was formed in 2011 and focuses on direct, strategic, long-term investments in the credit, property and renewable energy sectors.