Irish group pays €730m for London property

Irish property consortium Quinlan Private has agreed to buy a 3.4-acre site in London's Knightsbridge for over £500 million (€730 million).

The site - known as "The Estate" - lies between the famous Harrods and Harvey Nichols department stores and was being sold by the BP Pension Fund.

Comprising over 520,000 square feet of retail, office, residential and hotel accommodation, the site is regarded as one of the most significant development potentials in the city .

BP Pension Fund said the winning bid was finalised last Friday following "a competitive process and on receipt of numerous proposals".

Quinlan Private, established in 1989, paid just over €1 billion last year for the Savoy Hotels group in London. The group owns some 150 assets in Europe and North America include commercial office blocks, shopping centres, car parks and hotels.