Spitalerhof in Hamburg: bought by Reilly in 2006 for €141.3m

Developer Seán Reilly has sold his Spitalerhof retail and office building in Hamburg in Germany for about €160m. Reilly bought the building through Davy Private Clients in 2006 for €141.3m.

Documents lodged at the Companies Office show that, in September 2008, Anglo Irish Bank "agreed to make available certain facilities" to Reilly's German company, Alcove Spitaler, "pursuant to a facility letter" from Anglo to the German company in connection with the repayment of a loan from Reilly's Alcove Properties to the German company.

Alcove Properties' auditors last year inserted an emphasis of matter in their report saying the carrying value of the company's investment property had been written down to just over €77.1m. The previous year it was written down to €101.9m.