Belfast Telegraph

Obel owner planning to buy up more properties

By Staff Reporter

The American fund owner of Belfast building The Obel has said it's planning further acquisitions in Europe following Brexit.

Marathon, which also owns Shane Retail Park on Boucher Road in south Belfast, said it's investing in property in Ireland, France, Germany and the Netherlands on the basis that they are countries which will benefit from companies leaving London.

Hedge fund managers like Marathon have been looking ahead to any opportunities created arising from the UK's decision to leave the EU.

Bruce Richards, the co-founder and chief executive of the property giant, told the Financial Times: "Many bank service sector jobs will undoubtedly move to Frankfurt and Paris as EU rules will likely require bank employees to be domiciled within the EU when serving EU clients."

During 2016, Marathon has acquired offices in Amsterdman, apartments in Dublin, shopping centres in Germany and warehouses in France. The firm said it expected the UK to enter into a "mild" recession next year.

During 2014 Marathon acquired The Obel tower block at Lagan Quay, as well as Shane Retail Park and Cityside Retail Park.

Belfast Telegraph