Swiss bank mortgages BT’s real estate empire after it was sold by the Weston family

Swiss bank Julius Baer and local lender AIB have supported the new ownership of Brown Thomas Arnotts, according to filings with the Companies Registration Office (CRO).

oth banks filed charges against Selfridges Group’s Irish assets last week when their new owners, a consortium formed by Thailand’s Central Group and Austrian real estate company Signa Group, took control of the British fashion empire.

A charge or mortgage created as security for a loan to an Irish company must be registered with the CRO. New filings show that Bank Julius Baer in Zurich registered a mortgage on August 18 on the land estate of Brown Thomas Arnotts, which is associated with its distinctive department stores on Grafton Street and Henry Street in Dublin, as well as in Cork, Limerick and Galway is. At the same time, Irish lender AIB registered a separate floating charge on the Irish retailer’s business assets to secure its loans against the operations of the business.

The details registered in relation to the fees do not include any amounts pertaining to the valuation of assets.

On Friday, the Selfridges group of luxury department stores, including Brown Thomas and Arnotts in Ireland, announced that the group’s sale had been completed. The company has been sold by Canadian billionaire family Weston to a joint bid by a Thai retailer and an Austrian real estate company for an alleged £4bn.

The buyers already jointly or individually own large department stores across Europe. The sale was announced back in December and had been in the works since last summer.

The new owners said the transaction created one of the world’s leading luxury department store groups with a presence in eight countries in Europe.

The businesses acquired join Selfridges in the UK, Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands to a portfolio of 22 luxury department stores in Germany, Switzerland, Italy and Denmark that Central owns solely or jointly with Signa.

Stefano Della Valle, CEO of Central and Signa’s luxury department store group in Europe, will lead Selfridges Group in his expanded role.

https://www.independent.ie/business/irish/swiss-bank-to-hold-mortgage-on-bts-property-empire-after-its-sale-by-weston-family-41932848.html Swiss bank mortgages BT’s real estate empire after it was sold by the Weston family

Fry Electronics Team

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