Quinlan: bought Banco Santander HQ for €1.9bn

British businessman Glenn Maud, who partnered with struggling property investor Derek Quinlan to buy the Banco Santander headquarters in Madrid, has taken legal advice after the complex was marketed for sale without the consent of his group.

The complex, designed by Irish architect Kevin Roche, is valued at €2.3bn and was acquired by Quinlan and Maud for about €1.9bn.

The Financial Times said last week that Maud and Quinlan had not instructed the sale and that steps were being taken to find out who had done so without their approval. Quinlan and Maud have also sought legal advice on the impact of the sale of debt related to the building to a consortium led by property investor Robert Tchenguiz.

Maud told the newspaper that the owners were determined to stop any use of that debt to take more control in the complex. There is over £1bn of debt on the buildings, which was provided by a number of banks. Maud said all of the interest on the complex has been paid.

Quinlan is facing a massive loss on the sale of his house at Cap Ferrat in France. He was previously head of Quinlan Private, now called Avestus, which has seen a shopping centre go into administration and has also racked up substantial losses at its Jurys Inn operation. It made about five cash calls to investors last year in relation to its portfolio.