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Thursday 2 October 2014

Luxury group LVMH ready to splash out €350m in acquiring Daly's three Bond St outlets

Emmet Oliver

Published 09/12/2011 | 05:00

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LVMH, owner of the famous Louis Vuitton brand, is believed to be about to spend €350m buying a trio of shops on London's Bond Street (left) previously owned by Irish developer David Daly.

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NAMA is understood to have triggered the sales, although the agency declined to comment on reports in the UK last night.

The chief executive of LVMH, Bernard Arnault (above), is believed to be leading the sales plan and among the stores to be acquired are Louis Vuitton's own flagship store at 17-20 Bond Street.

The move will help the chain to control its rent by buying the freehold.

Mr Daly and NAMA have been in legal dispute throughout 2011, with Mr Daly claiming the agency has exceeded its powers by calling in loans held by Mr Daly and members of his family.

In September, Mr Daly, his daughter Joanne and son Paul failed to get an injunction in the High Court halting the appointment by AIB and Nama of receivers to properties in Ireland and Britain.

They also failed to get declarations that the agency and the bank were not entitled to seek repayment of €457m.

During the case, the court heard Mr Daly had transferred €80m in assets, including €17m in cash, to his wife for tax reasons.

Irish Independent

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