Irish real estate investment firm Quinlan Private expects to invest up to £200 million (€254 million; $326 million) from funds including its European Strategic Real Estate Fund into the development of a shopping centre in Slovakia.
Money has been committed from “a mixture of funds including the European Strategic fund and a number of separate investors,” said Roger Dunlop, chief executive of Quinlan.
Dunlop estimated between £150 million and £200 million will be invested in the project overall, dependant upon the banking markets.
The plans cover between 85 and 90 hectares of land, combining retail, leisure, offices and apartments for an onsite population of 20,000, situated in the district of Petrzalka, south of Bratislava.
Construction of the 60,000 square metre development will commence in 2010, to be completed in 2012. The firm is using Cresco, a local housing developer.
Quinlan’s European Strategic Real Estate Fund closed in May last year with €400 million in commitments from US investors.
Dublin-based Quinlan manages international assets of more than €11 billion. Its investments in the Central and Eastern European region amount to more than 2.2 million square metres of land.
Last summer Quinlan sold a 50 percent stake in the hotel chain Jurys Inns to the Oman Investment Fund for an undisclosed sum, having bought Jurys Inns in 2007 for €1.17 billion. In September it was reported that Quinlan was sounding out buyers for the 47 Marriott hotels that it bought with Igal Ahouvi in 2007 for £1.1 billion from Royal Bank of Scotland.