Savills appointed to sell Metquarter
SAVILLS has been appointed to sell the Metquarter in Liverpool on behalf of the Irish Bank Resolution Corporation, according to PropertyWeek.com.
The 135,626 sq ft shopping centre was bought by Anglo Irish Bank Private Banking and Alanis Capital in August 2007 for around £90m which equated to a yield of 5%. Savills however is expected to market the asset for around £25m.
The Irish Bank Resolution Corporation is an entity that was set up to wind down Anglo Irish and Irish Nationwide banks and is selling the real estate business of Anglo Irish Private Wealth, which owns Liverpool’s Metquarter shopping centre amongst other assets.
The Corporation had previously agreed to sell Anglo Irish Private Wealth’s property assets to Key Capital however the deal fell through in April. A sale to Green Property hit a similar roadblock in mid-2011.
An IBRC statement in April said the deal would not “deliver the best outcome for all stakeholders” and that it would try to sell the properties itself over five years as the rest of the bank is wound down.
