Tribeca Holdings Ltd., a luxury-property investor, bought stakes it didn’t already own in a portfolio of luxury London stores valued at 1 billion pounds ($1.56 billion), a person with knowledge of the matter said.
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, said the person, who asked not to be identified because the process is private. Tribeca had owned various stakes in the properties with different partners, the person said.
Tribeca and Ashkenazy Acquisition Corp., 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 pounds of stores in central London last year as demand from retailers spurred rent increases, according to broker Savills Plc. The values of stores in the center of the U.K. capital rose 24 percent in the 12 months through June, data compiled by MSCI show.
Tribeca, owned by Irish investor Aidan Brooks, sold more than $500 million of retail buildings in the U.S. 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 person said.
The New York Post previously reported that Ashkenazy bought the Hermes store. Ashkenazy declined to comment.