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Derek Quinlan

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Derek M Quinlan is an Irish businessman prominent in the field of real estate investment and development. A former tax inspector at the Irish Revenue Commission, he formed investment syndicates of high-net-worth individuals and to buy properties across the world. His principal investment vehicle was Quinlan Private, a private equity firm with offices in Dublin, London and New York. Quinlan's period of greatest prominence and success coincided with the peak of the global real estate bubble in 2004-7.[1] In 2009, he resigned from Quinlan Private and moved to Switzerland on the advice of KPMG.[2] His loans have since been transferred to Nama (National Asset Management Agency of Ireland) and various assets have been sold, including artwork from his private collection.[3] In September, 2014, it was reported that he had reduced his debts by more than €3bn through a series of asset sales over the prior 5 years.[4]

Early life and career

Quinlan was born in Dublin in 1947, the son of an Army Officer. He attended Blackrock College and University College, Dublin. He began his career as an accountant with Coopers & Lybrand before joining the Irish Revenue Commissioners as a tax inspector. In 1989 he went into private practice, founding Quinlan Private as an asset management firm for high-net-worth individuals.[5] He specialised in investing in tax designated areas in the 1990s in Ireland supporting Irish government policy in relation to property renewal, regeneration and job creation.

Notable transactions

In 2003, Quinlan’s car parking company Park Rite saw a turnover increase of 60% from €876,995 to €1.4m. Founded in 1975, Park Rite managed approximately 25,000 spaces in Dublin, Wicklow and Galway. It operated many of Dublin’s biggest city centre car parks, including Arnotts, Irish Life and Drury Street.[6]

In 2004, Quinlan gained 1% ownership of Wentworth, one of the most exclusive gold courses in Britain, through the Savoy deal.[7] Also in 2004, Quinlan headed an investment syndicate that bought The Savoy Group for £750 million, giving it control of landmark London hotels including Claridges, The Connaught Hotel and The Savoy Hotel. Quinlan outbid competing buyers, including Saudi Prince Alwaleed Bin Talal. Some months later, Quinlan sold The Savoy Hotel to the Saudi prince for £250 million,[8] while retaining the other hotels in the group, subsequently renamed The Maybourne Hotel Group.

In 2005, Quinlan Private won the financier the deal of the year award at the Variety Club property awards for the Knightsbridge Estate acquisition.[9] The same year, a group of investors led by Quinlan outbid the Abu Dhabi royal family to acquire a £530 million Knightsbridge estate, including retail, hotels, offices and residential properties.[10]

In 2006, it was reported that Quinlan had more than €5 billion worth of assets under management. Quinlan Private joined up with Chicago property company Golub to set up Quinlan Private Golub, an investment fund targeting eastern Europe. He acquired the Chelsea Harbour Hilton, a landmark hotel frequented by English Premiership football clubs for £53.5m. Quinlan Private purchased the €300m Diagonal Mar shopping centre in Barcelona in 2006, representing Spain’s largest yet single property transaction.[11] That year, Quinlan was investor in another syndicate that bought the Irish Glass Bottle development site in Dublin's Ringsend for €413 million. Anglo-Irish Bank was the principal lender. As of 2009, the site remained undeveloped and the value was written down to €60 million. In 2010, Anglo-Irish Bank's loan on the site was transferred to Ireland's National Asset Management Agency.[12]

In 2007, Quinlan Private acquired Irish hotel chain Jurys Inns for €1.165 billion. Some months later, Quinlan obtained a €200 million investment in Jurys from the sovereign wealth fund of Oman, as part of a plan for further international expansion of the chain.[13] The same year the firm acquired the Citigroup headquarters at 25 Canada Square for £1 billion, in a joint venture with PropInvest.[14] In April 2007, Quinlan’s investment firm acquired a portfolio of 47 Marriott hotels in the UK for £1.1bn.[15] Also in 2007, Quinlan was a co-investor in the acquisition of the Madrid headquarters building of Banco Santander for €1.9 billion.[16]

In 2008, Quinlan led a consortium that acquired the Bank of Ireland Headquarters in Lower Baggot Street, Dublin, for 180 million euros.[17]

Business difficulties

The financial crisis of 2007-2010 severely impacted Quinlan's liquidity.[18] He has since reduced his debts by €3 billion.[19] In 2009 Quinlan resigned from Quinlan Private and moved to Switzerland on the advice of KPMG.[20] In April 2011 a receiver was appointed on behalf of the National Assets Management Agency (NAMA) to take charge of a number of properties owned by Quinlan, after he had failed to repay loans to the agency totalling hundreds of millions of Euros.[21] In September, 2014, the Sunday Independent reported that he had reduced his debts by more than €3bn, the biggest single repayment of debt by a single borrower owed to the National Asset Management Agency and other banks.[22]

Personal life

Quinlan has lived in Dublin, London, Switzerland and Abu Dhabi. He currently resides in Monaco..[23]

References

  1. ^ Hipwell, Deirdre (4 March 2005). "Quinlan private". Property Week. Retrieved 25 September 2010.
  2. ^ "'Hotel sale was massive success, I am working hard to repay my debt'". Irish Independent. 3 May 2015. Retrieved 28 January 2016.
  3. ^ "Nama sells more of Derek Quinlan's art – at massively reduced prices". Irish Times. 22 November 2013. Retrieved 28 January 2016.
  4. ^ "Derek Quinlan slashes debts by €3bn through major asset sales". Sunday Independent. 7 September 2014. Retrieved 9 September 2014.
  5. ^ "Quinlan Private Corporate Brochure" (PDF). Retrieved 25 September 2010.
  6. ^ "Park Rite drives up profit". The Sunday Times. 21 December 2003. Retrieved 16 March 2016.
  7. ^ "Quinlan group bids for Wentworth". The Sunday Times. 4 July 2004. Retrieved 16 March 2016.
  8. ^ Stevenson, Rachel (20 January 2005). "Savoy hotel bought by Saudi prince for £250m". The Independent. Retrieved 25 September 2010.
  9. ^ "Ireland: Quinlan hits US roads to raise funds". The Sunday Times. 8 October 2006. Retrieved 16 March 2016.
  10. ^ "The tax inspector calls, again". The Telegraph. 20 April 2005. Retrieved 20 January 2016.
  11. ^ "Ireland: Quinlan hits US roads to raise funds". The Sunday Times. 8 October 2006. Retrieved 16 March 2016.
  12. ^ Legal proceedings have been brought against property developer Bernard McNamara
  13. ^ "Oil-rich Oman invests €200m in Jurys Inns". The Irish Times. 8 August 2008. Retrieved 25 September 2010.
  14. ^ "Citigroup tower sold in £1bn deal". The Telegraph. 2 July 2007. Retrieved 20 January 2016.
  15. ^ "Quinlan considers expanding exclusive hotel group". Irish Independent. 29 December 2008. Retrieved 20 January 2016.
  16. ^ "Quinlan completes €1.9bn deal for Banco Santander's Madrid HQ". Irish Times. 1 October 2008. Retrieved 20 January 2016.
  17. ^ "Department of Health set to move to former BoI HQ". Irish Times. 9 March 2016. Retrieved 16 March 2016.
  18. ^ "Derek Quinlan reveals personal debts of €600m". 28 March 2010. Retrieved 25 February 2016.
  19. ^ "Derek Quinlan slashes debts by 3bn". Retrieved 25 February 2016.
  20. ^ "Hotel Sale Was Massive Success". Retrieved 25 February 2016.
  21. ^ Receiver appointed to Derek Quinlan, Newstalk, 14 April 2011. Retrieved 3 August 2011. Archived 2011-04-15 at the Wayback Machine
  22. ^ "Derek Quinlan slashes debts by €3bn through major asset sales". Retrieved 31 March 2016.
  23. ^ "Derek Quinlan slashes debts by €3bn through major asset sales - Independent.ie". Independent.ie. Retrieved 25 April 2016.
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