Thursday 21 September 2017

Ballymore sells Spitalfields for £106m

Donal O'Donovan

Donal O'Donovan

Sean Mulryan's Ballymore Group has sold Old Spitalfields Market in London to the owner of Boston's landmark Faneuil Hall.

Ballymore is one of the biggest debtors to NAMA and is thought to have sold Old Spitalfields for £106m (€123m).

It makes it the biggest investment in retail property in London this year, according to data compiled by property firm Cushman & Wakefield.

US-based buyer Ashkenazy Acquisition Corp was advised on the deal by Limerickman Aiden Brook's property consultancy Tribeca Holdings.

NAMA

State-owned NAMA is in line to be paid out as Ballymore sells off assets. However, Sean Mulryan has said money raised from the sale of Old Spitalfields will be go back into financing Ballymore's other London developments at Embassy Gardens and Leamouth Peninsula.

Old Spitalfields is a Victorian covered market on the edge of the City of London. It has become a major London attraction since being refurbished by Ballymore in 2008. The refurbishment included developing some modern retail units inside the market and restoring the 19th-century architecture.

Ballymore bought the property in 1999. The once blighted area around Spitalfields has emerged as one of London's fashion and creative hubs since then.

Irish Independent

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