Bank of Ireland buys 50% interest in London shopping park

Bank of Ireland Private Banking today announced that it has acquired a 50% interest in Gallions Reach Shopping Park for £78.8m (€116m) 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. It comprises 32 units and two food units in 209,000 sq.ft. Of shopping space. Tenants include Next, Boots, JD Sports, WH Smith and Borders.

The vendor, Pillar Property plc, will continue to have an interest in the Park through its shareholding in the Hercules Unit Trust, which owns the other 50% of Gallions Reach, and through its on-going role as asset manager of the Park.

Hercules is the largest specialist owner of retail and shopping parks in the UK with a portfolio of £2.3bn (€3.3bn), comprising 5.5m sq.ft. of retail space in 23 retail and shopping parks, including six of the top 20 shopping parks in the UK.

Bank of Ireland Private Banking director Peter Collins said: "Shopping parks, as a distinct asset class, have been one of the best-performing sectors of the UK property market in recent years, a trend we believe is set to continue."