The disposal of the American assets of the failed Irish-UK property group Power Corporation is continuing. A conditional contract for the company’s 50% holding in the San Francisco Shopping Centre – Power’s largest US asset – has been signed with its US joint venture partner.
Power bought the 62,243 m2 retail development in 1990 for about $130m. The sale of the San Francisco property follows that of its office complex in Palm Beach, Florida.
Still to be sold are the Rhinelander Mansion in New York – rented to Polo Ralph Lauren – an interest in the Ambassador Hotel site in Los Angeles, and a major site on Rodeo Drive in LA.
Power Corporation was placed in receivership by a consortium of Irish banks last autumn, owing £190m to a range of creditors. The receivership did not affect the US holdings directly.
