Value Retail shifts ownership of outlets centres to Irish unit ahead of Brexit
today Apr 29, 2019
Value Retail has moved control of its designer villages from the UK to its Irish operation as part of plans to centralise its European portfolio ahead of Britain’s exit from the European Union.
The firm has outlet villages in nine European cities, including London, Milan, Munich, Dublin, Barcelona, Madrid, Paris, Brussels, Antwerp, Cologne, Düsseldorf and Frankfurt. These centres, including Kildare Village and Bicester Village, generated retail sales of €2.9 billion last year.
In recent weeks, Value Retail Management Ireland has assumed ownership stakes in all European centres excluding Bicester Village, according to the Irish Times. This includes majority stakes in group’s operation in Germany and Italy, as well as undisclosed stakes in its businesses in Spain, France and Belgium.
Two further Irish companies have assumed control of all intellectual property and software, as well as a small stake in Bicester Village.
The €6 billion European portfolio was previously owned by Value Retail’s UK company, so the move is likely to be part of the group’s contingency plan ahead of Brexit. Irish Times suggested it could also be linked to a global tax strategy, however the firm declined to comment in detail.
Backed by shopping centre owner Hammerson, Value Retail offers some of the world’s most exclusive brands at its outlet villages, including Armani and Calvin Klein.
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