Quinlan Makes Personal Investment in Citi's London UK

Jason Corcoran

6 December 2007

D2 Private, the Irish investment group, has defied turmoil in the credit markets by acquiring an office block in London's West End for £180 million . The office block, which is owned by Legal & General's Life and Linked Life fund, is situated about 200 metres from the Houses of Parliament and is the headquarters for the UK Department for Business, Enterprise and Regulatory reform and the Department for Innovation, Universities and Skills. L&G had put the office on the market in September at a price of £200 million, reflecting a yield of 4.25 per cent. D2 has been one of the most prolific Irish property investors in Britain in recent years. It splashed out £325 million for the Woolgate Exchange, one of the City of London's most prestigious office buildings. Other investments include the purchase of Marks & Spencer's headquarters in Paddington for £140 million. Meanwhile, Derek Quinlan, the head of the investment group Quinlan Private, revealed that he has completed the £1 billion joint acquisition of the 42-storey office tower at 25 Canada Square in Canary Wharf, London home of Citigroup. The deal, a partnership with private property investment company Propinvest, represents the second-largest single real estate transaction ever seen in the UK. Mr Quinlan had invested in a private capacity.