Upmarket City retail destination bought by Irish investor
The Royal Exchange luxury shopping centre in the City of London has been sold by Rolls-Royce Pension Fund to an Irish investor, backed by Anglo Irish Bank, for£53 million. The landmark Grade I listed building was turned into an upmarket shopping destination in 2001, with tenants such as Tiffany & Co, Hermes and Conran.

Savills and Palmer McCormak represented the purchaser. ING Real Estate Investment Management acted on behalf of the Rolls-Royce Pension Fund.

Savills director Mark Garmon-Jones said: 'We believe the Royal Exchange is the leading shopping destination in the City of London and the third in Central London after Bond Street and Sloane Street. The highly paid city worker does not have the time to come to the West End to shop.'