Quinlan Private, the Irish property investment consortium, is the preferred bidder for a £530 million (€776 million) prime site for hotels and shops in Knightsbridge, London.
The consortium, which last year acquired the Savoy Group of hotels for £750 million, was ranked ahead of five bidders, including the Abu Dhabi royal family, for the landmark site.
The 48,310sq m (520,000sq ft) site, was attractive to bidders because it offers a mix of hotels, residential, retail and offices. It is understood that the firm, run by former Irish tax inspector Derek Quinlan, has trumped three other bidders with a £530 million offer, vastly above the original £415 million asking price sought by BP's pension fund.
Billionaire investor brothers Simon and David Reuben were also thought to be among potential buyers of the site, along with Golfrate, a private property group run by Asif Asiz and another Irish investor group linked to a leading Irish bank
Meanwhile, Quinlan Private confirmed yesterday that it has bought a building in the exclusive shopping district of New Bond Street in London.
The building was bought from the British luxury goods group Asprey and Garrard and will now be leased back to them as part of a sale and leaseback deal.
"This sale and leaseback transaction forms part of a long term strategic plan for the Asprey and Garrard group," said a statement from both parties to the deal.
