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Trio continue their spending spree
 HORSERACING
magnates John Magnier and JP McManus and Limerick property investor Aidan
Brooks have spent more than ?1billion in just two years on commercial
properties.
Their investment vehicle Sloane Capital passed the billion-euro mark when
it spent ?270million in recent weeks on properties in the US.
Sloane paid in the mid-$70million range for Bloomingdale’s SoHo
department store in New York beating-off competition from Federated Department
Stores, which owns Bloomingdale’s.
Federated Department Stores is one of the largest retailers in the US
and also owns the Macy’s chain.
The building on six levels is made up of two former factory buildings
built in the early 1800s.
Bloomingdale’s has a 49-year lease on the property nearly five-times
as long as normal US retail leases.
Separately Sloane has paid $300million for Two Rodeo on Rodeo Drive in
Los Angeles which comprises two streets of luxury shops.
Tenants include Jimmy Choo, Asprey, Versace, Tiffany & Co and Gucci.
The scheme is in Beverly Hills 90210 recognised as the most up-market
address in the city.
Sloane already owns the Bvlgari shop on Rodeo Drive.
Sloane has also paid about ?200million for Luttrellstown Castle in west
Dublin, about ?300million for Unilever House in London and ?150 million
for the Hilton Hotel in Canary Wharf in London’s Docklands.
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