Mulryan, one of Ireland's biggest property tycoons, has traditionally targeted development in London and, more recently, Eastern Europe. In a trade magazine interview last week, Mulryan said he is also examining opportunities in New York, where the company does not yet have a presence. Some high-profile Irish investors have acquired property in the US city in the past few years, including Derek Quinlan, Aidan Brooks, John Magnier, and JP McManus.

Ballymore Properties is developing schemes in Bratislava worth up to 1bn, and has invested hundreds of millions of euro in Prague.

The company also has interests in Romania.

Ballymore was last year tipped to buy a controlling stake in the redevelopment of London's Battersea power station for an estimated 882m. Its partner would have been Hong Kong developer Victor Hwang.

The deal collapsed, however, with insiders suggesting that Ballymore's focus on residential units was at odds with Hwang's preference for retail and office space.