A consortium of private clients with Bank of Ireland Private Banking have made a profit of almost GBP100 million on their investment in a prime retail park situated to the east of the City of London, representing a return of 40% in less than two years.
The bumper return is the result of the sale of the Gallions Reach Shopping Park for GBP192 million to Standard Life Investments, half of which was owned by the BoI consortium.
The consortium will receive GBP96 million sterling for their 50% shareholding, generating a return on investment of just below 40%, according to a report by Finfacts Ireland.
Gallions Reach, a 60 acre retail park, the only one of its size within the M25 London orbital motorway, opened in September 2003. It was bought in October 2004 for an original equity investment of GBP31.2 million, the rest being funded by debt, according to a BoI spokesman.
Enda Bracken, Private Banking’s Head of Property Asset Management noted that the performance of the investment had been "above expectations," and he added that the bank sees more opportunities in the UK real estate market.
"We expect to complete on certain of these deals in the coming months to add to the deals we have recently completed in France, Scandinavia and in the Far East," explained Bracken.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment