Irish bankers prepare Royal Exchange sale
THE ROYAL EXCHANGE, one of the City of London’s best-known buildings, is to be sold as part of the winding-down of the wealth management division of the former Anglo Irish Bank.
The Irish Bank Resolution Corporation (IBRC), formed last year by the merger of troubled Anglo and Irish Nationwide, has agreed to sell the real estate business of Anglo Irish Private Wealth to investment manager Key Capital, which will sell the properties on IBRC’s behalf.
Among the assets being sold off are the Royal Exchange and the Finsbury Dials office tower in the City, and Great Minster Court in Victoria.
The Royal Exchange was founded in 1565 by Sir Thomas Gresham, a wealthy merchant who proposed the building of London’s own bourse modelled on the Antwerp stock exchange.
The building was twice destroyed by fire, first during the Great Fire of London in 1666 and then in 1838, with the new one built and opened by Queen Victoria in 1844.
It is now a luxury shopping mall home to brands such as Boodles, De Beers, Hermes and Paul Smith. It was acquired by Anglo Irish Bank Private Banking in 2005 for £53m.
In a statement, IBRC’s chief executive Tom Hunersen said the group had entered into a period of exclusivity with Key Capital and the final arrangements still need the approval of the Irish government.
Hunersen said the deal “provides a vehicle for the sale of certain assets and/or operational co-sourcing of the Business to Key Capital in line with IBRC winding down this division of the Bank in an orderly manner”.
“It also delivers an opportunity for IBRC to maximise investor returns and deliver value for the Irish taxpayer from the main operating platform, IBRC Assurance Company,” he added.