A shopping centre bought by Quinlan Private in 2006 for €170m has gone into administration after the private equity group, since renamed Avestus, missed a €9.6m payment.

Barclays Capital Mortgaging Service secured the appointment of a compulsory administrator on 25 November.

"We wanted to restructure Neumarkt Galerie and had lined up fresh equity," a source close to Avestus said. "The investors, other debt holders and tenants wanted a deal but Barclays didn't. We are disappointed as we had been proactive and co-operative in our engagement but Barclays demonstrated little commerciality or flexibility."

The shopping centre was hit by the administration of one of its anchor tenants Kardstad Sport "and the banking crisis", the source said.

"All payments have been met in full and on time up to this quarter. Despite being presented with a comprehensive solution agreed by all other parties that would have involved the bank getting all its capital repaid, the bank refused to engage and alternatively pursued a policy of non-engagement and taking pre-emptive steps to escalate repayment leaving the borrower no option but insolvency," they added.

In October it was revealed that Anglo Irish Bank lost about $40m on debt it gave to Avestus for a tower building in Chicago in the US. The group had to make at least five cash calls to investors last year because of declines in the value of its property investments.

Meanwhile Quinlan Private founder Derek Quinlan is the subject of attention in Spain after the Banco Santander headquarters in Madrid came on the market with an asking price of €2.3bn. It had been acquired by Derek Quinlan and business partner Glen Maud for €1.9bn in 2008.

The Financial Times reported last week that Veteran UK property investor Robert Tchenguiz bought nearly €240m of debt related to the building with the backing of Aabar, an Abu Dhabi-backed consortium. Control of the debt means they are in a position to gain control of the development if the RBS debt is in breach or due to expire.