Tribeca buys remaining stake in £1bn London portfolio

Tribeca Holdings , a luxury-property investor which is owned by Irishman Aidan Brooks, has bought stakes it didn't already own in a portfolio of luxury London stores valued at £1 billion (€1.4bn).

The deal comprises more than 100 retail outlets including the Brompton Cross Estate in Knightsbridge, stores on Bond Street and Old Spitalfields Market near the City of London financial district.

Tribeca had owned various stakes in the properties with different partners. The group and Ashkenazy Acquisition, its former partner in Old Spitalfields Market, declined to comment on the transaction or the amount paid.

The identity of the sellers’ aren’t available from public records and the person familiar declined to comment on their identity.

Investors bought a record £2.5 billion of stores in central London last year as demand from retailers spurred rent increases, according to broker Savills . The values of stores in the centreof the UK capital rose 24 per cent in the 12 months through June, data compiled by MSCI show.

Tribeca sold more than $500 million of retail buildings in the US to fund the purchase, including stores leased to Hermes and Graff Diamonds on New York's Madison Avenue and to Chanel in San Francisco.

The New York Post previously reported that Ashkenazy bought the Hermes store. Ashkenazy declined to comment.

Bloomberg