Tribeca Holdings Ltd., managed by Irish investor Aidan Brooks, paid about 12 million pounds ($19 million) for a store on London’s New Bond Street leased by an LVMH Moet Hennessy Louis Vuitton SA (MC) affiliate, two people with knowledge of the transaction said.
Due West Ltd. sold the store at 31 New Bond Street currently occupied by luxury Swiss watchmaker Hublot, said the people, who declined to be identified because the information is private. Due West, a company incorporated in the Cayman Islands, purchased the property in 2006 for 4.5 million pounds, according to documents held by the Land Registry. LVMH bought Hublot in 2008.
Companies like Tribeca made London the world’s top destination for overseas property investment in the 12 months through August as buyers sought safe bets amid financial and political uncertainty, Cushman & Wakefield Inc. said in a report in October. The euro zone’s sovereign-debt crisis has roiled global markets since July, casting a pall over expectations for economic growth.
“At the trophy end of the market, the very fact that volatility will remain such a dominant feature of the global economy will increase the attractiveness of these sort of assets in global markets,” Joe Valente, head of research and strategy at JPMorgan Asset Management’s real estate division, said in a note to investors today.
Tribeca was advised by broker Morgan Williams. Kieran Cotter, a partner at Morgan Williams, declined to comment. Robert Thompson of RPM Property Management, who acted for Due West, didn’t immediately return a call seeking comment.