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Goldfinger

Irish Dude Buys Citigroup H Q In London

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http://www.bloomberg.com/apps/news?pid=206...&refer=home

July 2 (Bloomberg) -- Citigroup Inc.'s European headquarters in London's Canary Wharf was bought by Derek Quinlan, an Irish investor, and Propinvest Holdings Ltd. for about 1 billion pounds ($2 billion) in the U.K.'s second-largest property transaction.

OK, what do we learn from that?

(1) The smart money is getting out (with a huge profit).

The 42-story building at 25 Canada Square was sold by Royal Bank of Scotland Group Plc, said Carolyn McAdam, a spokeswoman for the bank. Royal Bank acquired the property at the end of 2003 for more than 700 million pounds.

(2) Irish BTLers are in it for the long run. :lol:

``This is a long-term personal investment in a prime property in the heart of London's new financial center,'' Quinlan, a 59- year-old former tax inspector, said today in a statement.
Edited by Goldfinger

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Maybe he should tell the banks what a great investment City tower blocks are.

Yes, weired. He must have gotten the money from some bank! Not the RBS or Citibank, I suppose.

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Yes, weired. He must have gotten the money from some bank! Not the RBS or Citibank, I suppose.

That's the funny part: some bank is happy to lend him the money to buy the place off another bank...

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given that he's Irish it doesnt have to be such a good idea, does it? I met 2 Irish builders in Liverpool last weekend, they intend to buy all these boarded-up terraces and renovate them to sell with fat profit.

but why are ther so many abandoned houses in L-pool? there has to be no demand!

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The Irish can be a bit weird sometimes.

Paddy and Sean were walking in the countryside, both of them were out of work.

They saw a sign, it said "tree fellas wanted". Paddy said, we cant do that, there's only two of us.

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Japan of the late 1980s was experiencing a huge asset price boom and stocks were going through the roof, allowing Japanese companies to buy trophy assets abroad such as the Rockefeller Centre and MGM. Bulging Japanese banks dwarfed their European and US counterparts and threatened to dominate in the City and Wall Street. Most spectacular of all was the Tokyo property market. In 1990, the land upon which the imperial palace in Tokyo was built was valued at more than the entire real estate of Canada, the second largest country in the world.

more>>>>

Ireland looks like Japan before the bubble burst

October 29th, 2000

http://www.davidmcwilliams.ie/2000/10/29/i...he-bubble-burst

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bet citi lent im d money :)

Intriging conspiracy theory that! If Citi anticipate a fall in value they could have put Quinlan up for buying their HQ based on recycling the money he pays them back to him as a loan. This would book a $1bn sale and provided the loan to Quinlan never goes bad, which it won't because Citi are the tenant, Citi have locked in a ridiculouly inflated asset value.

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