Wednesday 26 April 2017

Irish property firm buys Scottish mall

Project Eagle was the £1.3bn Northern Ireland loan portfolio from Nama
Project Eagle was the £1.3bn Northern Ireland loan portfolio from Nama

John Mulgrew

AN IRISH property firm has bought a large shopping centre in Scotland which had been part of Project Eagle.

Wirefox, based in Co Down, is run by Bernard Eastwood, the grandson of former bookmaker Barney Eastwood.

It bought the Scottish property from US vulture fund Cerberus.

Wirefox director of asset management Michael Wright said it's "business as usual" at the firm following the Brexit vote.

The Southergate Centre in Dumfries was on sale for £6.75m (€7.8m), but it's understood it went for less than the asking price.

Project Eagle was the £1.3bn Northern Ireland loan portfolio from Nama.

The portfolio was sold to Cerberus in 2014.

Michael Wright said the deal follows the firm's purchase of several Belfast city properties such as Longbridge House, and Oxford and Gloucester House. The company has also bought three residential developments in Scotland.

Irish Independent

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