Quinlan Private in EUR 364m venture to develop London district

Irish private equity group Quinlan Private is to enter into a £275 mln (EUR 364 mln) joint venture with British insurer Aviva to develop a key area of London's prestigious PaddingtonCentral quarter. According to a report in Friday' s edition of The Irish Independent, the deal between Quinlan and Aviva's Morley Fund Management involves a 23,412 m² development dubbed Two Kingdom Street in London's West End.

Quinlan and Morley will work with Development Securities on the project, which will provide some 21,368 m² of office accommodation and just over 2,000 m² of studio space. Construction on Two Kingdom Street is to begin immediately and the project is expected to yield a gross development value of more than £275 mln by completion in December 2009.

Quinlan Private Partner Thomas O'Dowd said: 'Our involvement in this project demonstrates our continued confidence in the long-term prospects for the London property market. It also reflects a distinct ability to capitalise upon a highly attractive investment opportunity presented by current market conditions.'

Morley is the founder of Paddington Central and are also involved in One Kingdom Street, which is due to open next month and recently announced the letting of 6,782 m² of the 23,969 m² project.

Quinlan Private now has more than EUR 11.5 bn worth of assets under management throughout the UK, Europe and US.