Ashkenazy acquires Old Spitalfields Market in London for €122.8 million (UK)

Ashkenazy Acquisition Corp., owner of Boston’s Faneuil Hall, bought London’s Old Spitalfields Market from Dublin-based Ballymore Properties Ltd. for about 105 million pounds (approx. €122.8 million).

The historically protected property in the City of London financial district was put on the market last month, Ballymore said in a statement today. The deal is London’s largest retail investment this year, according to data compiled by Cushman & Wakefield Inc.

The Spitalfields area, formerly a slum, has seen rising values and renovations in the last several years because of its proximity to the financial center, the technology hub known as Silicon Roundabout and the nightlife of the Shoreditch neighborhood. Old Spitalfields Market, a five-minute walk from Liverpool Street rail station, is one of London’s top 10 visitor attractions, according to its website.

Ashkenazy, based in New York, also owns a stake in 650 Madison Avenue in Manhattan, according to its website. The office tower, majority owned by Carlyle Group LP, is attracting bids of as much as $1.4 billion (approx. €1.08 billion) in what may be the biggest U.S real estate deal since 2010, two people familiar with the sale process said last week.

Tribeca Holdings Ltd., managed by Irish investor Aidan Brooks, advised the Spitalfields buyer.

Source: Bloomberg

Related News