Monday 19 March 2018

Profile: Low-profile property firm favoured by high-rollers during boom

Deirdre Foley pictured on the D2 Private website
Deirdre Foley pictured on the D2 Private website

D2 Private is known in property circles as intensely low profile.

The firm was set up in 2004 by the developer David Arnold and Deirdre Foley, a former lieutenant of the financier and property magnet Derek Quinlan.

The firm made its name in the Celtic Tiger years by putting together consortiums made up of high-rolling business people and celebrities.

D2 Private famously put together a deal that saw investors put €72m in to buy the Woolgate Exchange Building in central London for €390m in 2006. However, it was sold at a loss three years later with the likes of former Anglo boss Sean FitzPatrick, Smurfit Kappa chairman Gary McGann and broadcaster Gay Byrne reported to have lost an average €750,000 each.

At one point D2 Private's London portfolio was valued at more than €1bn. But in September 2013 it sold the last of its properties there when it dispensed with Marks & Spencer's HQ at Waterside House for €240m.

Mr Arnold resigned from D2 Private in May 2013 and the business is now wholly owned by Ms Foley. An accountant by training, she worked for GE Capital before joining up with Derek Quinlan's Quinlan Private.

Irish Independent

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