CEO Roger Dunlop said QPG foresaw many of the macro-economic issues that have affected property development in recent years and has taken steps to protect its projects, team and investment base. "We are now well positioned to move rapidly as soon as the level of activity increases and attractive opportunities re-emerge, as we expect them to in the near to medium term," he said. The company is currently developing, managing or leasing property with a total area of more than 23.7 million square feet.

Avestus RE will be the development arm of a new real estate business, Avestus Capital Partners, set up in March by the directors of Dublin-based property investment firm Quinlan Private. Real estate asset management services previously provided by Quinlan were moved to the new company. Avestus Capital will seek new finance, targeting around $269.3 million. The company confirmed plans to launch a new European property fund aimed at institutional investors in Europe, the US and the Middle East. It manages an $10.7 billoin portfolio of European property assets.

Avestus Capital Partners CEO Olan Cremin said the company is well placed to take advantage of investment opportunities as property markets recover. A slimmed-down Quinlan Partnership in Ireland will continue to provide taxation, accounting and financial management services to its existing clients.