Limerick developer snaps up £1bn in London properties

Anne Sheridan

Reporter:

Anne Sheridan

Aidan Brooks hasn't looked back since leaving Limerick for London, building up his wealth of properties in the UK capital
DEVELOPER Aidan Brooks has bought out shareholders in more than 100 London buildings for €1.4bn, after selling some €460m in assets in the US to finance the expansion.

DEVELOPER Aidan Brooks has bought out shareholders in more than 100 London buildings for €1.4bn, after selling some €460m in assets in the US to finance the expansion.

The former Limerick based developer, 45, who has sold one of his mansions on the North Circular Road, leads Tribeca Holdings, a luxury-property investor, which is now buying up huge swathes of prime London retail.

The latest deal comprises more than 100 properties including the Brompton Cross Estate in Knightsbridge, stores on Bond Street and Old Spitalfields Market near the City of London financial district. To fund the venture, Tribeca sold more than $500 million of retail buildings in the US, including stores leased to Hermes and Graff Diamonds on New York’s Madison Avenue and to Chanel in San Francisco.

The UK market is proving to be increasingly lucrative, as the values of stores in the centre of London has risen by 24 percent in the 12 months up to June.

Tribeca had owned various stakes in the properties with different partners, but Ashkenazy Acquisition Corp., its former partner in Old Spitalfields Market, declined to comment on the transaction or the amount paid. The parent company of Tribeca Holdings London is Tribeca Group Holdings Ltd, incorporated in the British Virgin Islands.

According to this year’s Sunday Times Rich List, Brooks, who escaped the economic storm in Ireland at the right time, is seeing his wealth accumulate since he moved from Limerick to London. Now placed at number 30 on the list - rising from 97th place last year - he has an estimated fortune of €425m, and is the fourth biggest riser through the list given a number of shrewd investments.

Late last year, his €26m residence on the North Circular Road, Kilmoyle, the former Bishop’s residence, changed hands, and is now being developed by Gerry McManus, brother of JP, whom he has had a number of business dealings with.

Both he and JP had invested in a $50m building in Boston in recent years Brooks has been a director of some 40 Irish companies, alongside his older brother Joe. The former TV aerial installer with his father Joseph also has prime property in Paris.

He used his spare cash to buy period houses in the city and then rented them out building up a big portfolio.