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

Avestus RE will be the development arm of a new real estatebusiness, Avestus Capital Partners, set up in March by thedirectors of Dublin-based property investment firm Quinlan Private.Real estate asset management services previously provided byQuinlan were moved to the new company. Avestus Capital will seeknew finance, targeting around $269.3 million. The company confirmedplans to launch a new European property fund aimed at institutionalinvestors 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 iswell placed to take advantage of investment opportunities asproperty markets recover. A slimmed-down Quinlan Partnership inIreland will continue to provide taxation, accounting and financialmanagement services to its existing clients.