independent

Sunday 20 April 2014

IBRC close to €98m London sale

The Royal Exchange mall

IBRC liquidators are close to agreeing the sale of a London City luxury shopping and dining outlet -- where Tiffany and Hermes are tenants -- for around €98.5m.

The Royal Exchange mall has former Anglo loans related to Dublin developers the McCormack family's Alanis Capital. It is under offer to Canadian investor Oxford Properties, according to property website CoStar.

The historic building dates back to 1571 when it was opened by Queen Elizabeth I, who awarded it a royal title and a licence to sell alcohol, according to CoStar.

It burned down twice, once during the great fire of London. The current building was opened by Queen Victoria.

The building is part of IBRC's €7bn face value British and continental property loan book but may be sold as a single asset.

Other tenants at the Royal Exchange include Links of London and Smythson.

CBRE was appointed to sell the leasehold on the property with a price of around €90m sought.

The British private equity firm Meyer Bergman, which is also bidding on Arnotts, was reported to be one of the bidders on the building.

Other Anglo legacy loans in the book are a 50pc stake in the leasehold of the Whitgift Centre, Bristol's Portwall Place, and a former cinema site in Ealing where Land Securities is the preferred developer.

Irish Independent

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