Irish Bank Resolution Corporation looks set to have a loan of about £100 million on a prime piece of commercial real estate in London's Mayfair repaid in full following its sale to a company managed by Irish investor Aidan Brooks.
The buildings with nine stores are at 431-451 Oxford Street and also comprise offices and apartments with 53,000 sq ft of space opposite the well- known Selfridges store, which shares a parent company with Brown Thomas in Dublin.
According to a Bloomberg report yesterday, Tribeca Holdings Ltd, a property investor- managed by Mr Brooks, is acquiring the site for £130 million with an unnamed group.
Bloomberg said the sale would be the second-largest, mixed-use property deal in London’s West End this year, according to data from broker H2SO Property Consultants.
It is being acquired from a UK company called Structadene Ltd, a London-based developer founded by entrepreneur David Pearl.
Funded by Anglo
The property was originally funded by debt provided by Anglo Irish Bank, which is now part of IBRC, which was placed into liquidation by the Government earlier this year.
Last year Allsop was appointed as fixed charge receiver of the asset following a breakdown in the joint venture between Structadene and Continental Resources Development Corporation. This dispute was settled with Structadene managing the property.
Mr Brooks is well known in Limerick where he has been involved in a number of developments. He has also partnered with JP McManus and John Magnier on a number of real estate deals via Sloane Capital.
In April, US reports suggested that Tribeca had agreed to pay about $108 million for a 27- storey office tower at North Michigan Avenue in Chicago. That same month, Tribeca was reported as having bought 72- 74 Sloane Avenue in Chelsea, London, for £15 million, representing a yield of 2.84 per cent.
Old Spitalfields Market
In May, Tribeca was said to be close to buying London's Old Spitalfields Market on behalf of an undisclosed party.
The buyer was expected to pay more than £100 million for the property, which was put up for sale by Ireland’s Ballymore Properties earlier this year.
