| 9.1°C Dublin

Quinlan NAMA debts falling toward €100m but Glass Bottle site sale still unlikely

Emmet Oliver

property developer Derek Quinlan expects to reduce his personal debts to NAMA to around €110m by year end following a series of transactions over the last 18 months, mainly in the UK.

Mr Quinlan, however, is still likely to have a shortfall when all personal assets are disposed of, leaving NAMA with a decision about whether further action will be taken against him, or some form of debt forgiveness will be entertained.

Mr Quinlan originally owed €400m in personal debts to NAMA, with about €200m owed to other banks. NAMA yesterday declined to comment on its progress with Mr Quinlan, as is customary practice with individual developers.

Crucially, Mr Quinlan has a share in the Irish Glass Bottle site. But a sale of this site is highly unlikely to clear his portion of a loan given to a company called Becbay for the site. Mr Quinlan remains a director of this company.

Mr Quinlan's next asset disposal is expected to happen in London, when a site in Mayfair is sold.

Sources suggest NAMA paid just £40m (€46m) for a loan with a nominal value of £125m. The site will sell for about £125m, leaving NAMA collecting a substantial profit.

This week the developer and former tax inspector saw a large painting collection he had accumulated go for auction in the UK. This generated about €2m for NAMA.

Secure

The paintings were used to secure loans given to Mr Quinlan by Anglo Irish Bank. They previously were on the walls in the office used by Mr Quinlan in Dublin. Mr Quinlan is currently living in London after a period of time in Switzerland.

Among the assets sold so far include the Glebe in Chelsea, west London, which was sold for £75m. A loan was cleared in that case and surplus funds paid to NAMA.

A property at 40 Charles Street, Mayfair, sold for £25m. An apartment at the Merrion Hotel was sold for €2m -- it was previously owned by Mr Quinlan and his wife.

A property at Old Bond Street, known as the Asprey Building, was sold for £73m, while one of the biggest sales was the Knightsbridge Estate, which was sold for £580m, with a portion of the proceeds going to NAMA.

The DKNY building also at Old Bond Street sold for £50m, and proceeds went to NAMA. A deal was also done to sell Mr Quinlan's shares in the Maybourne hotel group to a Malaysian buyer, with the proceeds going to NAMA.

Separately from NAMA, Mr Quinlan also sold his family home on Shrewsbury Road for €7m, with the proceeds going to Bank of Scotland (Ireland).

A villa at Cap Ferrat in the Cote D'Azur was also sold for €64m, with the proceeds going to Barclays Bank.

Most Watched

Privacy