Developer’s wifeeyes millions from sale of stake in AIB offices

FINANCIER Derek Quinlan’s wife, Siobhan, is in line to secure a multimillion euro profit from the sale of a significant stake she holds in the AIB Bank Centre site in Ballsbridge.

The Irish Independent has learned Ms Quinlan is in exclusive talks with US real estate giant Colony Northstar on the disposal of her 50pc share in 3.7 acres and four office blocks controlled by developer Johnny Ronan at the front of the Bank Centre site.

News of Ms Quinlan’s investment in the AIB site will come as a surprise to many, given its association up to now with Mr Ronan’s company, Ronan Group Real Estate (RGRE). The developer acquired the lands in which Ms Quinlan is now a half owner for €67.5m in 2015.

With industry sources estimating the site has since increased in value to at least €110m, both RGRE and Ms Quinlan’s stakes could be worth as much as €55m apiece.

That could potentially provide both parties with a gross uplift of €21.25m each on their original investment. Efforts by the Irish Independent to contact Ms Quinlan for comment were unsuccessful.

Colony’s Northstar’s interest in securing Ms Quinlan’s share of the AIB Bank Centre lands isn’t surprising given Facebook’s reported interest in securing the overall site for the development of a new EMEA headquarters.

The social media giant is reportedly working on plans for a 700,000 sq ft campus, capable of accommodating 5,000 employees.

It is said to be looking to secure the 450,000 sq ft AIB occupies, as well as the 325,000 sq ft of office space RGRE intends to deliver on the portion of the site it coowns with Ms Quinlan.