The wife of Derek Quinlan at the Net Site D4 bargain

The wife of real estate financier Derek Quinlan became co-shareholder with developer Johnny Ronan of a premier multimillionaire site in Ballsbridge, Dublin, which is expected to become a high-end office capable of 39, accommodating around 3,500 people. 19659002] The Irish Times learned that Siobhán Quinlan is in exclusive negotiations to sell his interest to Los Angeles-based real estate investment group Colony Capital, which has supported Ronan on a number of recent projects. years.

The companies badociated with Mr. Ronan and Ms. Quinlan acquired the site, currently comprising four vacant office buildings and surrounding land in front of AIB's banking center building on Merrion Road, for $ 67.5 million. 39, euros in October 2015.

Ms. Quinlan, whose husband remains The debtor of the National Agency for Asset Management (Nama) is about to make substantial profits, saying that the site should represent about 120 million euros, according to sources.

Representatives of Ronan Group Real Estate (RGRE) and Colony Capital, who will also provide debt financing for the project, declined to comment. Efforts to gather Quinlan comments have failed.

Ms. Quinlan is the director of Quinlan Real Estate, a consulting firm run by her husband. RGRE and Mrs Quinlan own the Ballsbridge site through an Irish collective management vehicle called Fibonacci Property ICAV

Demolition

RGRE is preparing to begin in September the demolition of the four buildings of the 1970s on the site of 3.7 acres, RDS showgrounds in Dublin 4. It plans to build a 330,000-square-foot (30,658-square-meter) office complex

The project is called Fibonacci Square and has a submerged plaza. The site was acquired in 2006 by developer Carlow Sean Dunne for an estimated $ 165 million, before being sold three years ago by a receiver on behalf of Ulster Bank. and Nama.

The latter acquired loans related to the property of the Irish Nationwide Building Society (INBS) after the financial crash of 2008.

AIB left the four buildings in 2014, although it retains a presence on other parts of the campus of the banking center

Over the next few weeks, the 71% state bank will begin to transfer up to 1,500 of its Ballsbridge employees to Central Park, in Leopardstown, Dublin 18. The remaining 800 employees, including the management team, will be relocated building on Molesworth Street next year.

It is expected that AIB will completely leave the Ballsbridge campus in the coming years. Facebook, which is already in advanced negotiations to rent offices in the complex, would be interested in the offices being developed by RGRE.

Colony Capital has developed close ties with Ronan in recent years, partially supporting the developer's refinancing. Borrowings with Nama in 2015.