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Quinlan loan is flipped for €60m profit

AS Derek Quinlan's property empire staggered last week, it has emerged that Nama made a hefty €60m profit by flipping developer Quinlan's Claridges Hotel loans to the Malaysian outfit OneMBD.

OneMBD's battle for Claridges was first revealed by the Sunday Independent in February. Quinlan is selling a number of other assets, including his stake in the Citigroup tower in London, with investors also eyeing up the Santander complex in Madrid.

Nama's move earlier this week to put some of Quinlan's Irish assets into receivership may be the first of many, with up to six other developers on the brink of having their assets seized, according to sources.

Meanwhile one of Quinlan's former partners has provided an insight into the tycoon.

"Derek is not a man for conflict," according to Peter Donnelly, a business partner of Quinlan's from 1998 until 2009. "He doesn't do rows. He changes the subject and gets off the pitch."

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