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Celtic Tiger Property Empire Unwinding As Ireland Collapses

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8211753/Irelands-UK-property-empire-unwinds-as-it-sells-London-assets.html

Ireland's UK property empire unwinds as it sells London assets
With the collapse of its economy, the Celtic Tiger's property empire is unravelling, writes Graham Ruddick.
It was the heady days of July 2007 – the last moments of the pre-credit crisis era and the first of Gordon Brown's leadership – when Irish tycoon Derek Quinlan and joint venture partner Glenn Maud announced a property deal that would rock the City.
Quinlan and Maud revealed they had won the race to buy the Citigroup tower at Canary Wharf from Royal Bank of Scotland for £1bn. The deal was the second biggest ever in the UK, behind only the sale of HSBC's headquarters a few weeks earlier.
It confirmed the Celtic Tiger's increasing prominence in the key central London commercial property market. Two-and-a-half-years on, however, and the tiger is whimpering
.

Such tragic stories will no doubt be repeated many times as grim reality grips all those nations who sat at the banquet table of HPI and gorged themselves beyond even the worst levels of greed.

Edited by Realistbear

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Ireland's UK property empire unwinds as it sells London assets
With the collapse of its economy, the Celtic Tiger's property empire is unravelling, writes Graham Ruddick.
It was the heady days of
July 2007
– the last moments of the pre-credit crisis era and the first of Gordon Brown's leadership – when Irish tycoon Derek Quinlan and joint venture partner Glenn Maud announced a property deal that would rock the City.
Quinlan and Maud revealed they had won the race to buy the Citigroup tower at Canary Wharf from Royal Bank of Scotland for £1bn. The deal was the second biggest ever in the UK, behind only the sale of HSBC's headquarters a few weeks earlier.
It confirmed the Celtic Tiger's increasing prominence in the key central London commercial property market.
Two-and-a-half-years on
, however, and the tiger is whimpering
.

More creative arithmetic from our wonderful financial journalists.

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Ireland's UK property empire unwinds as it sells London assets

With the collapse of its economy, the Celtic Tiger's property empire is unravelling, writes Graham Ruddick.

It was the heady days of July 2007 – the last moments of the pre-credit crisis era and the first of Gordon Brown's leadership – when Irish tycoon Derek Quinlan and joint venture partner Glenn Maud announced a property deal that would rock the City.

And not just ludicrous City deals. The whole UK disaster - Northern houses at 10* annual earnings - was spurred by Emerald Isle "investors"... David McWilliams coined the term RoboPaddy to describe it. Excellent UK-focussed example from him at:

http://www.thepost.ie/archives/2008/0113/british-property-market-is-no-longer-quite-as-safe-as-houses-29546.html

EDIT: correct link

Edited by dryrot

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"Quinlan and Maud revealed they had won the race to buy the Citigroup tower at Canary Wharf from Royal Bank of Scotland for £1bn"

They borrowed the money from 3 banks including Allied Irish (RBS wouldn't be allowed?) after being outbid on the HSBC sale. November 2007 after NR? Shrewd or what?

"Irish investor Quinlan is carrying out the transaction on his own, and not on behalf of his private equity firm Quinlan Private. It is thought that to complete the sale, he and Maud had been asked to inject more equity into the deal because the lending banks were concerned by the downside risk of an adverse revaluation of the building.

The banks’ loan-to-value ratio may have been reduced to below 80%, City sources said."

http://www.propertyweek.com/quinlan-and-maud-to-seal-%C2%A31bn-citi-tower-purchase/3100631.article

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I am sitting watching the dreadful roads in Ireland and the UK and the alleged lack of money to provide adequate gritters and snow ploughs and grit.

Then I think of the amount of taxpayers money thrown into the black holes that are the banks.

Value for money ? All the financial traitors should be tried and jailed.

Drove my dad home today and there are some huge potholes in the roads, no doubt the council now won't have any money to fix them, some must have been nearly 1ft wide.

However if your a banker and lose a couple of hundred billion suddenly the govt can't throw enough money at you.

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Amazing that the banks threw money around like confetti and the taxpayer gets to pick up the losses.

What is truly amazing is that Gordon Brown and his henchmen decided to force the taxpayers to pick up the losses against the advice of King et al. Furthermore, they did such a good job of manipulating public opinion that now we blame the failed bankers rather than failed government policy for Brown's decisions.

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What is truly amazing is that Gordon Brown and his henchmen decided to force the taxpayers to pick up the losses against the advice of King et al. Furthermore, they did such a good job of manipulating public opinion that now we blame the failed bankers rather than failed government policy for Brown's decisions.

I agree that the gov't was wrong to bail out the banks, but didn't the banks get into hot water and then ask the gov't to be bailed out? Or am I completely wrong? :blink:

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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