Russian investment group to sell Quinn asset for IBRC

Alfa Group will hold public auction on December 5 for sale of Q-Park located in Kazan

The Irish government and Russia’s A1 are planning to auction a logistics park once owned by former billionaire Sean Quinn, Kommersant reports.

A1, part of billionaire Mikhail Fridman’s Alfa Group, will hold public auction on December 5 for sale of Q-Park located in Kazan.

The starting price for property, which exceeds 99.500 sq. m, is RU2.575 billion (€40 million). Tenants include Efes, Bosch and Schneider Electric.

Mr Quinn, once Ireland’s richest man, was one of biggest foreign investors in Russian commercial property during the Celtic Tiger years before he went bankrupt in January 2012.

IBRC, the former Anglo Irish Bank, set up a joint venture with A1 to recoup real estate assets in Russia and Ukraine accumulated by Quinn family.

The bank did so because it was convinced there was a conspiracy to asset-strip the properties of multimillion rent roll and handover their control to unknown parties. The bank has alleged that the Quinn family played a key role in moving these assets out of its control, but this has been denied by the Quinns.

The assets include a skyscraper in Russia, a DIY chain and various logistics parks.

After IBRC was placed into liquidation a new deal was done between the bank’s special liquidators and A1 to continue to fight to regain control of the various assets which have been valued at up to $500 million.