Business Irish

Tuesday 16 September 2014

Mulryan set to sell historic London market in €116m deal

Thomas Molloy and Gordon Deegan

Published 30/01/2013 | 05:00

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THE National Asset Management Agency and developer Sean Mulryan, right, are on the cusp of selling London's historic Old Spitalfields Market in a deal worth up to £100m (€116m), several British newspapers reported.

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The historic east London market dates back to 1682 and is now a top destination for foodies, fashionistas and artists.

Old Spitalfields is owned by Mr Mulryan's Ballymore group.

Mr Mulryan, who is working with NAMA on restructuring €1bn in debt, has drawn up a shortlist of potential advisers on the sale of the site, the London 'Times' reported.

Battle

Residents are unlikely to be happy. They fought a protracted battled a decade ago against the sale of some of the land linked to Old Spitalfields, which was demolished to make way for law firm Allen & Overy.

Possible buyers include JPMorgan Asset Management, which owns the Bishops Square development occupied by Allen & Overy, the 'Times' reported.

It emerged that Mr Mulryan shared a pay-pot of €601,030 with three other directors of Ballymore Properties in spite of mounting losses at the Roscommon stonemason's building firms.

New accounts filed by Ballymore Properties Ireland to the Companies Office show that Mr Mulryan shared directors' remuneration of €543,463 and pension contributions of €57,567 with three others.

The returns show that two of the others, David Brophy and Barry Hickey, resigned in 2011, with Mr Brophy stepping down in November and Mr Hickey resigning in July. Ballymore recorded a loss of €6.9m last year. Its accumulated losses at the end of March 2012 stood at €85m, with €83m owed to group companies.

The developer's UK arm confirmed earlier this month that £399,000 was paid to the board of that firm last year. The board also includes Mr Mulryan and three others.

Irish Independent

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