Irish investors take a slice of east London park
Pillar Property has sold its remaining 50 per cent stake in Gallions Reach Shopping Park at Beckton, east London, to a consortium of private investors headed by Bank of Ireland Private Banking for£78.7 million.

Among the anchor tenants at the scheme are Next, Top Shop and Borders. Tesco also operates a 109,000 sq ft (10,125 sq m) Extra store on an adjoining site.

The 209,000 sq ft (19,415 sq m) open A1 park was developed by Castlemore and pre-funded by Pillar to the tune of£100 million. On completion, Pillar injected a 50 per cent interest into the Hercules Property Unit Trust, which it manages. Pillar will continue to act as asset manager on the park following the sale.