Wednesday 23 August 2017

Paddy McKillen's business partner plans exclusive multimillion euro apartments complex in Dublin

Developer helped build the Jervis Street shopping centre
Developer helped build the Jervis Street shopping centre
John Mulligan

John Mulligan

Northern Ireland-based Padraig Drayne is planning to build an exclusive multimillion euro apartment development in the upmarket Dublin suburb of Malahide, the Irish Independent has learned.

Mr Drayne's Northern Ireland firm Apamore Services has applied to Fingal County Council for permission for a five-storey building that will include 23 apartments.

It's a relatively small scale project for the developer, who joined forces with developer Paddy McKillen to build the Jervis Street shopping centre in Dublin over 20 years ago.

In 2014, Mr McKillen and Mr Drayne refinanced £110m (€128m) of their debts from Ulster Bank with backing from Bank of Ireland.

The loans were connected to assets including the Forge Shopping Centre in Glasgow as well as the Ards Shopping Centre in Newtownards.

Mr Drayne became embroiled in Mr McKillen's lengthy legal battle against the UK's billionaire Barclay brothers in the fight to control the Maybourne hotel group.

The Maybourne group includes luxury properties such as Claridge's, the Connaught and the Berkeley. It was bought for almost €900m in 2004 by a consortium led by financier Derek Quinlan.

Mr Drayne was one of the original investors in the deal, but he later sold his shares in the venture to Mr McKillen.

The Barclays later secured a share in the Maybourne holding company, Coroin, and tried to wrest control of the group from Mr McKillen. During that struggle, Mr Drayne launched a legal action in an effort to prevent the Barclays from seizing control, claiming that he had rights to some of Mr McKillen's shares in the Maybourne group.

However, last year the Qatari royal family acquired both Mr McKillen's and the Barclay brothers' stakes in Coroin and retained Mr McKillen as an adviser.

Irish Independent

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