London’s Old Spitalfields Said Near $152M SaleNeil Callanan
Tribeca Holdings Ltd. is close to buying London’s Old Spitalfields Market on behalf of an undisclosed party in what would be the city’s largest retail investment this year, according to two people with knowledge of the talks.
The buyer will pay more than 100 million pounds ($152 million) for the property, said one of the people. Both of them asked not to be identified because the information is private. Tribeca, managed by Irish investor Aidan Brooks, advises high-net-worth family offices in New York and London.
Old Spitalfields Market, a five-minute walk from Liverpool Street rail station, was put up for sale by Ballymore Properties Ltd. earlier this year. Ballymore, based in Dublin, and Tribeca declined to comment.
The Spitalfields area, formerly a slum, has seen rising values and renovations in last several years because of its proximity to the City of London financial district, the technology hub known as Silicon Roundabout and the nightlife of the Shoreditch neighborhood. Old Spitalfields Market is one of London’s top 10 visitor attractions, according to its website.
“It’s more innovative than the general high street or other core markets that you might find elsewhere,” Honor Westnedge, a senior retail analyst at Verdict Research Ltd., said by phone. “Spitalfields is a very good mix of accessories, fashion and food.”
Retailers that sell to more-affluent customers including Barbour, Agnes B and Hackett now have stores at the market where goods have changed hands since the 1200s, according to the City of London borough.
The fruit, vegetable and flower market was taken over by the borough in 1920 and was relocated to Leyton in east London in 1991, according to the financial district’s website. Old Spitalfields Market was developed by Ballymore in 2006 to include stores, restaurants and traditional market stalls.
The Bishops Square office development, bought by two funds run by JPMorgan Asset Management for 560 million pounds in 2010, adjoins the market. Occupiers there include law firms Allen & Overy LLP and Paul Hastings LLP.
The largest retail investment by value in London this year was the sale of a building on Bond Street to Prada SpA in February for about 87.5 million pounds, according to data compiled by broker Cushman & Wakefield Inc.