Irish property tycoon Derek Quinlan is planning to enter the £2.2bn race for UK property group Chelsfield, according to The Times newspaper.
The newspaper said that Quinlan, who bought and sold London’s Savoy hotel this year, told NM Rothschild, the bank handling the sale of Chelsfield, that he wanted access to detailed financial information about Chelsfield.
But the former Dublin tax inspector’s bid remains well behind Australian companies Westfield and Multiplex who have been working on bids for several weeks.
Directors of Duelguide, the vehicle used by Chelsfield chairman Elliott Bernerd for his Reuben brothers-backed management buyout of the company in June, met yesterday to discuss a £585m bid from shopping centre company Westfield.
The bid, worth £2.2bn including Chelsfield’s debt, topped an earlier indication of interest from developer Multiplex, which owns 7.8 % of Duelguide.
References: EGi News 05/10/04
