New York-based Ashkenazy Acquisition Corporation has made its UK debut with the purchase of the iconic Old Spitalfields Market in the City of London.
The private real estate investment firm has bought the Grade II listed London market from Irish developer Ballymore for what is thought to be £105m – around £15m more than the asking price.
Michael Alpert, president and vice-chairman of Ashkenazy Acquisition Corp, said: “We are excited that our first acquisition in London is a property with such profile, similar to other properties we have throughout the US. This is the first of many planned acquisitions in the London market.”
Ballymore received formal bids for the 2.5-acre Old Spitalfields Market on 23 May and exchanged contracts within three working days.
Ashkenazy Acquisition Corp focuses on retail and office assets. It has acquired more than 13m sq ft of retail, office and residential properties throughout the US and Canada.
Its portfolio comprises more than 100 buildings valued at approximately $5bn (£3.3bn) including landmark properties, such as Fanueil Hall in Boston, Harbor Place in Baltimore and Union Station in Washington.
Ballymore brought Old Spitalfields Market to the market in April for £90m – a 5% initial yield.
Coady Supple advised Ballymore.
