Tuesday July 7, 2020

IBRC loses €110m on London shopping centre sale

22nd August, 2015
The Whitgift Centre in Croydon, south London, was sold for less than its outstanding debt Picture: Bloomberg

A London shopping centre in which 132 customers of Anglo Irish Bank were investors was sold for £80 million (€110 million), triggering a loss of more than €100 million to the taxpayer.

IBRC, which was placed into liquidation by the state in 2013, had received a valuation for its stake in the Whitgift centre in Croydon of £120 million from Cushman & Wakefield, the international estate agents, prior to its sale.

The price achieved, however, was £40...

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