Sean Quinn’s former Russian asset fails to sell for a second time
Kazan-based Q-Park on the market for some €40m
Sean Quinn accumulated assets worth an estimated €500m in Russia and Ukraine Photograph: Dara Mac Dónaill / The Irish Times
“The first two rounds of the auction failed due to the lack of applications from potential buyers to take part,” A1’s press service said in an e-mailed response to questions.
A1 is seeking at least 2.58 billion rubles (€40.5 million) from the sale of Q-Park located 450 miles east of Moscow. The first auction took place in December and the second earlier this month. A1 said it will seek to find new bidders in “late April.”
Philip McDonagh, Ireland’s former ambassador to Russia, has said recovery of the assets is of “paramount importance to Ireland.”
They include a skyscraper in Moscow, a shopping mall in Kiev and warehouses. A1 will receive as much as 30 per cent from the sale of the assets, it said in a statement in 2013.
The conflict in Ukraine, the volatile ruble and low oil prices have combined to put off or delay plans by foreign investors to enter the Russian real estate market, according to Tom Mundy, head of research at Jones Lang LaSalle in Russia. “Limited and expensive financing has provided additional difficulties for local players,” Mr Mundy said in a report.