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Irish Property Tycoon Sells Off Prime Retail Buildings In New York

Developer Aidan Brooks is a curious man. For a man who left school earlier than most, he is now recognized as a property tycoon who controls London based Tribeco Group Holdings Ltd, a luxury property company which invests in prime retail sites across the world.

Gertrude Rhinelander Waldo House

He is in the process of selling the Getrude Rhinelander Waldo House located in Madison Ave, Manhatten, New York. It is better known as the flagship store of Polo Ralph Lauren. The company bought it a decade ago for $80 million. With the upsurge in consumer spending in the US in recent years, the group should do well from the sale.

Tribeco Group Holdings Ltd

Tribeco is also selling the Bloomingdale’s SoHo department store and has already sold the Hermes store on Madison Ave. It appears that the reason for the reported $500 million divestment of US commercial properties is to fund acquisitions in London’s prime retail property market.

 

Aidan Brooks

In late 2013, Aidan Brooks famously closed the £127 million purchase of 431-451 Oxford Street, London opposite Selfridges which happens to be the second largest shop in the United Kingdom. It comprises of nine separate shops, offices and apartments.

Old Spitalfields Market

Late last year, the company refinanced the prime retail block with a £227 million, six year whole loan deal. Over the last two years, Brooks has refurbished the property and as a result improved the quality of the tenants. The Group now owns over 100 retail outlets including Old Spitalfields Market and units in Kightsbridge and Bond Street near London’s financial district. The value of the portfolio of luxury stores owned by the company is estimated at more than £1 billion.

Carlton Apartments

The Carlton apartments are located on Limerick’s Henry Street, Ireland. The apartments were completed in 2006, developed as part of the Department of Environment ‘urban renewal scheme’ and investors who purchased units received tax incentives. Unfortunately, virtually all of these ‘urban renewal schemes’ collapsed when the recession hit.

Abandoned Buildings For Sale

Aidan Brooks, now based in London, was a property developer in Limerick. Brooks started his property career aged 18, buying derelict or abandoned buildings before improving and letting them in Limerick City. While he was not legally obliged to so, he recently bought back 75 of the Carlton apartments ten years after he built them.

A Decent Man

The thing is that from what has been reported, the value of the apartments was nowhere near the £19 million he paid for them. He repurchased the apartments as if the recession never happened. Though he was not obliged to, he did the right thing. Had he not done so, a lot of investors would have been ruined. I did say a curious man, but from what I have read about Aidan Brooks, I’d now say a decent man.

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