Bank of Ireland Private Banking has acquired a 50 per cent interest in a London retail park for £78.8 million (€116 million) on behalf of a number of its private clients.
Gallions Reach Shopping Park, which opened in 2003, is located at Beckton in East London, close to London City Airport and comprises 32 units plus two food units and 209,000 square feet of shopping space.
Mr Peter Collins, director of Bank of Ireland Private Banking, said that shopping parks, as a distinct asset class, have been one of the best performing sectors of the British property market in recent years, a trend the bank believes is set to continue.
CB Richard Ellis Gunne advised Bank of Ireland Private Banking on the transaction. Ms Caroline McCarthy of CBREG commented, "The deal is a new departure for Irish investors in the UK and we would expect to see much more interest in both out-of-town retail and joint venture type structures in the coming years."