Northern Ireland

Crossgates shopping centre sold by Donegall Place Investments

Crossgates Shopping Centre
Image caption Crossgates Shopping Centre has been sold to an Isle of Man property company

The Belfast-based property company Donegall Place Investments has sold a Leeds shopping centre for a reported £30m.

The firm was reported to have paid more than £40m for the Crossgates Shopping Centre in 2005.

The new owner is Praxis, an Isle of Man property company.

Donegall Place Investments is owned by Pat McCormack, who also has licensed trade interests, and the property investor Michael Herbert, who owns a major KFC franchise.

Its Northern Ireland assets include the Bloomfield Shopping Centre in Bangor and Bow Street Mall in Lisburn.

Northern Ireland investors spent billions of pounds on shopping centres in England and Scotland during the property boom.

A significant number of those centres are now for sale.

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