Thursday 23 March 2017

McKillen sells Oxford Street property for £53.5m ahead of hotel battle

property

Paddy McKillen has €2.1bn
in bank borrowings
Paddy McKillen has €2.1bn in bank borrowings

Siobhan Creaton

PROPERTY investor Paddy McKillen has sold a building on London's Oxford Street for £53.5m (€60m).

The property is home to the chemist Boots on the city's main shopping street. A spokeswoman for Mr McKillen said yesterday he was "very pleased" with the price.

The sale comes as Mr McKillen is gearing up for a battle to retain control of the Maybourne Hotel Group in London that includes Claridges, the Berkeley and the Connaught hotels. His lawyers have lodged papers to prevent 'Daily Telegraph' owners David and Freddie Barclay from squeezing him out of the hotel group. Mr McKillen owns 37pc of the hotel group and is its biggest shareholder.

The Barclay brothers control the company's debts after buying its €800m worth of loans last month from NAMA. They also own 28pc of the company and control another 35pc of the shares that are still owned by Irish financier Derek Quinlan.

The court action is expected to kick off in London either later this year or early in 2012.

Mr McKillen was part of a group of investors assembled by Mr Quinlan in 2005 who bought the hotels for €1.1bn.

Mr McKillen drove the extensive refurbishment of the Connaught hotel and the securing of planning permission to upgrade Claridges and the Berkeley. He has indicated that the fight to remain at the hotel group is "deeply personal" and that this is the "most important" project he has ever been involved with.

Irish Independent

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