Northern Ireland

Belfast firm William Ewart Properties in £92m property deal

Belfast-based property firm William Ewart Properties has sold a shopping centre above London's Victoria Station for almost £92m.

The buyer was UK railway operator Network Rail. It will take over the leasehold of Victoria Place shopping centre, which sits above the station.

Ewart's bought the centre in 2007 for a reported £92.5m in a transaction funded by Ulster Bank.

The company is one of Northern Ireland's biggest property firms.

Owned by Frank Boyd and Andrew Creighton, it is planning a major redevelopment of Belfast city centre, a scheme known as Royal Exchange.

It owns other retail assets in west London - the shopping complex above Fulham Broadway station and the Broadway centre in Hammersmith.

These centres are also understood to be on the market.

Network Rail says it intends to redevelop Victoria Place to reduce congestion in the station.