independent

Friday 18 April 2014

Derek Quinlan recovering in London from heart bypass operation

Derek Quinlan

FORMER property tycoon Derek Quinlan is recuperating following what is understood to have been a planned heart bypass procedure.

The 65-year-old financier, who now lives in London, is recovering following the operation two weeks ago, a spokesman said

"He is in recuperation and making good progress."

The former tax inspector became a household name during the property boom as the investment guru of choice for well-heeled and well-known investors, including the likes of RTE stars Gay Byrne and Pat Kenny who invested in large scale deals structured by Quinlan Private.

After the crash, Derek Quinlan moved initially to Switzerland and later to London. He was among the 10 biggest debtors to the National Asset Management Agency (NAMA) but has reduced his debt and debts of associated ventures by some €2.3bn since 2009, he recently told the 'Sunday Independent'.

That sum was boosted by the sale of Mr Quinlan's Dublin home and assets in France and in the UK.

The trend is set to continue with the sale of the Citi tower in London's Canary Wharf, co-owned with the Propinvest Group. The office is earmarked for a £1bn (€1.17bn) sale with NAMA among the lenders in line to share the proceeds.

Over the past year Quinlan's 35pc stake in the company behind London hotels Claridge's, the Connaught and the Berkeley put him at the centre of the bitter legal battle between Paddy McKillen and the Barclay brothers who are vying for outright control of the claim.

Irish Independent

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