Quinlan eyes raising funds from $2bn equity investor

Derek Quinlan, the Celtic tiger financier, has held talks with AGC Equity Partners, a Middle East and UK-based fund with $2 billion (€1.57 billion) equity under management, about raising cash to get back into business, according to property sources. The alternative asset investment firm, whose co-chief executive is Walid Abu-Suud who previously managed investments for the Kuwait Investment Office, is well known to Mr Quinlan.

In 2013 it acquired Citi Tower in London's Canary Wharf from Mr Quinlan and British businessman Glenn Maud for more than £1 billion (€1.27 billion). The sale of the 1.2 million sq ft 40-storey tower returned a reported £333 million to the National Asset Management Agency (Nama) on the transaction as it was one of a number of banks involved in the building.

Nama deal

The Irish Times reported in May 2013 that Nama had "washed its face"on the deal or received par value on its loans.

Mr Quinlan declined to comment on AGC or on whether it was part of his future plans to get back into business. Mr Abu-Suud did not return calls requesting comment.

Mr Quinlan has been repeatedly linked by The Sunday Independent with various plans to get back into business including making a €1 billion bid for the Dundrum shopping centre backed by unnamed sovereign wealth funds and other parties.

The paper has also quoted a "source close to Quinlan" which claimed Ireland needs "the likes of Mr Quinlan" in order to "get going again".

Mr Quinlan moved to Switzerland during the financial crisis leaving many former clients nursing their losses. He later relocated to London and the Middle East as well as spending time in the south of France.

Barclay brothers

He has aligned himself with the billionaire Barclay brothers in the long-running battle for control of three hotels: Claridge’s and the Connaught in Mayfair, and the Berkeley in Knightsbridge against Irishman Paddy McKillen.

The sale of assets formerly acquired by Mr Quinlan on his own and as part of syndicates has returned several billion to Nama. When the property bubble burst Mr Quinlan and associated syndicates were the largest client of Nama. The amount that Mr Quinlan or associated syndicates still owe Nama is not known nor are the exact profits or losses to the taxpayer of their various investments.

The Georgia Club in the US was sold by Nama at an $80 million loss in 2011, for example, while other asset sales have yielded a profit for the state-owned financial institution. Among the buyers of assets formerly owned by Mr Quinlan was Ali Ben Bongo Ondimba, the president of Gabon. The Sunday Times reported in 2010 that he had bought a Mr Quinlan's former mansion on 40 Charles Street, off London's Berkeley Square for €30 million.