Bank of Ireland Private Banking and Hercules Unit Trust have sold Gallions Reach Shopping Park in London for £192 million ($363 million) ret...

Bank of Ireland Private Banking and Hercules Unit Trust have sold Gallions Reach Shopping Park in London for £192 million ($363 million) returning a consortium of Bank of Ireland Private Banking clients £96 million for their 50 per cent shareholding and generating a return on investment of just below 40 per cent. Bank of Ireland Private Banking completed the acquisition of its interest in Gallions Reach in October 2004. "We continue to see opportunities coming through in the UK market, a number of which we are actively working on at present. However we are being very selective as pricing has grown more challenging in this market. We expect to complete on certain of these deals in the coming months to add to the deals we have recently completed in France, Scandinavia and in the Far East,” said Enda Bracken, Bank of Ireland Private Banking’s Head of Property Asset Management.