Paddy McKillen

Paddy (Patrick) McKillen (born 1955; Belfast, Northern Ireland) is an Irish property investor and businessman.

Early life

During the 1980s he built up a portfolio of prime assets including commercial buildings, retail stores and shopping centres in Dublin, Belfast, Cork and Limerick.^[1] In the late 1990s he turned his attention to acquiring and building a portfolio of prime properties in London, Paris, Asia and the US.^[2]^[3]

Career

Throughout his career, McKillen has demonstrated a policy of buying prime properties, improving them and holding them for long periods of time to maximise the investment. His portfolio consists of retail and commercial properties, and hotels including Claridges,^[4] The Connaught^[5] and The Berkeley^[6] in London, retail properties in Place Vendome in Paris and properties in other major cities.^[7] In February 2011 he won a landmark Supreme Court Case in Ireland and blocked the National Asset Management Agency (NAMA) from seizing some €2.1 billion loans associated with companies he had a shareholding in.^[8]^[9]

McKillen v Barclay

As of 2012, McKillen is involved in a legal dispute with the Barclay Brothers over the ownership of the Maybourne Hotel Group, in which he owns a 36% stake.^[10]^[11]^[12]^[13]^[14]^[15]^[16]

The case started on 19 March 2012 in the Chancery Division of the High Court in London. The high-profile case concluded in late May 2012 and while McKillen failed in the overall action he claims to be in a better position for taking the case as the judgment clarified that Derek Quinlan's shares are still owned by Quinlan and not the Barclays. The judgment confirmed that the shareholders agreement is firmly in place and McKillen has the right to buy a portion of Quinlan's shares that will make him the majority shareholder in Maybourne. These pre-emption rights will be taken up by McKillen should Quinlan sell his shares. McKillen remains the largest shareholder in Maybourne and has been granted permission to appeal Justice David Richards judgment which dismissed his claims. The appeal was heard by the Court of Appeal in London in February 2013. Judgment was reserved and is expected between March and June 2013. McKillen claims that the Barclays are attempting to seize the Maybourne Hotel Group by unlawful means.^[17]^[18]^[19]^[20]

In January 2015 it was announced that a request for release of documents made by McKillen was rejected.^[21]

References

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