Tribeca appoints Rothschild to act for London property

Tribeca Holdings , a luxury-property investor which is owned by Irishman Aidan Brooks , has appointed Rothschild to sell or refinance its London property opposite the Selfridges department store, a source has said.

The property doubled in value in the past 16 months to about £300 million because Tribeca is set to treble its rental income after buying out occupiers and renting the stores to luxury retailers, said the source.

Tribeca bought the property at 431-451 Oxford Street for £127 million pounds in 2013, according to legal firm Mayer Brown LLP. A sale at the valuation price would be the largest investment property deal in London this year, data from Jones Lang LaSalle shows.

Tribeca and Rothschild declined to comment. Investors including Norges Bank Investment Management and Qatar’s sovereign wealth fund have bought stores in the Mayfair district, betting rents will rise as London’s economy thrives, luxury retailers expand and tourism

grows. Since buying the Oxford Street block, Tribeca has leased stores to Omega and Watches of Switzerland at record-high rents for the U.K.’s busiest shopping street, according to BNP Paribas Real Estate.

Tribeca invests in prime real estate in New York and London.

- Bloomberg