Ireland’s National Asset Management Agency (NAMA) reportedly has taken control of some of the assets of Derek Quinlan and his family. NAMA has appointed property services firm Knight Frank as receiver to several assets owned by the property entrepreneur, many of which are in Dublin, according to multiple reports.
Following the reports, NAMA said in a statement that the move was a result “of the debtors’ failure to present and agree an appropriate business plan for the repayment of loans owed to the agency”.
Quinlan is among the highest profile Irish investors that were prevalent buyers of commercial property in the run up to the financial crisis. As well as investing personally, he established Dublin-based Quinlan Private in 1989 to invest in club-style deals in Ireland, the UK and continental Europe. He stepped down from the company in July 2009, and the company has since been rebranded Avestus Capital Partners.
According to a report in the Irish Times newspaper, Quinlan, a former tax inspector, and members of his family owned several properties bought with substantial leverage from a number of the five Irish banks that are taking part in the NAMA process: AIB, Anglo Irish, Bank of Ireland, EBS and Irish Nationwide.