NAMA appoints receiver to Quinlan’s Dublin portfolio

A TAXMAN turned international investment tycoon has lost control of his exclusive Dublin property portfolio as Ireland’s “bad bank” chases his debts.

The National Asset Management Agency (NAMA) confirmed a receiver has taken charge of luxury homes along Dublin’s embassy belt owned by Derek Quinlan and his immediate family.

Mr Quinlan also part- owns one of Britain’s tallest buildings, the Citigroup tower in Canary Wharf.

Earlier this week, Mr Quinlan and his British co-investor, Glenn Maud, were forced to put the skyscraper on the market for more than €1.1 billion to clear their debts.

It is believed Mr Quinlan spent more than €700m on buying his share of the building, of which €300m was borrowed from Irish banks — a debt transferred to NAMA last year.

Mr Quinlan originally worked for the Revenue Commissioners in Ireland before he went into finance, advising investors on the various tax incentives.

He later became one of the most prominent figures to emerge from the Irish property boom.

Leading syndicates of wealthy investors, he built up a prestigious portfolio of properties around the world — including the Savoy Hotel group in London, which they bought for €1.1bn in 2004.

Mr Quinlan outbid Saudi prince Al-Waleed bin Talal, who he later sold the Savoy to at a profit, but remained part of a syndicate that owns the Connaught, Berkeley and Claridge’s hotels.

As the property bubble burst, he parted company with his investment firm, Quinlan Private, and moved from Dublin to Switzerland with his wife and children.

NAMA has revealed a statutory receiver was appointed on foot of Mr Quinlan’s failure to present and agree an appropriate business plan for the repayment of loans owed to banks, and the agency.

It is understood Paul McDowell, of Knight Frank Ireland, will take over several properties in south Dublin, which have seen their multi-million euro price tags more than halved.

They include a former embassy on Ailesbury Road, investment properties on Raglan Road in Dublin 4 and Fitzwilliam Square in Dublin 2.

A NAMA spokesman said: “If debtors are unrealistic or unco-operative in their dealings with Nama, we won’t hesitate to appoint receivers to protect the taxpayer’s interests.”