Wed, 30 Jan 2013 | COMMERCIAL PROPERTY
An unusual commercial property deal looks to be on the cusp of going through, according to recent reports.
Spitalfields Market, a historic East London location, has become popular with more fashionable types these days when compared with its humble beginnings. Now its developer Sean Mulryan and the National Asset Management Agency (NAMA) look set to be on the verge of pushing ahead with a deal to sell the Old Spitalfields complex.
The Times reported that NAMA is working with Mr Mulryan on restructuring around €1 billion (£857 million) in debt and the sale of the market - which is expected to be somewhere in the region of £100 million - would go someway towards helping this matter.
Among those reported to be interested in buying the market is JPMorgan Asset Management, which already owns the nearby Bishops Square development. There has also been a suggestion that the market could be bought and transformed into a concert venue.
The location can trace its roots back to 1682 and has a strong fanbase among local residents who have fought hard (albeit unsuccessfully) against the City of London Corporation to block redevelopment in the past.
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