Avestus Capital Partners, the Irish private equity developer and investor launched in 2010 once known as Quinlan Private Golub, is busy shoring up its empire. The former Dublin tax inspector's cronies can't service the interest on their massive debts, even at today's low rates, much less contemplate repayment.

Urgent Sales in the UK

In the past 2 weeks it has sold a 155,000 sq ft central London office building known as Senator House in Queen Victoria Street for £70 million to US private equity firm Angelo Gordon and Marlow International, a 13 acre campus office site at Marlow with 231,000 sq ft of Grade A office space for £50 million.

It used Newton Perkins for the former sale and Knight Frank for the latter, and CBRE in Munich for a low profile, to keep tongues from wagging.

Urgent sales in Germany

In Germany, in May, Avestus sold Maximilianhöfe, widely considered to be one of the most prestigious mixed-use properties in Munich for an undisclosed sum.  

Fergus Farrell, Principal of Avestus Capital Partners, said “Maximilianhöfe is an exceptional asset and has performed very well during our ownership. Having managed to significantly improve the profile of the tenant base, we are taking advantage of strong investor demand for high quality assets like Maximilianhöfe in the current market.”

Lenders pulling the rug

Avestus was completely blind-sided by RBS which last month appointed receivers Ernst & Young to the portfolio of 42 Marriott Hotels in the UK it jointly owns through a BVI holding company, which failed to pay the interest on the loan. RBS had loaned the investors £900 million of the £1.1 billion they had sold it for in 2007.