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Marks & Spencer units to be sold for £500m

Property firm Topland Group has instructed real estate advisor CBRE to find a buyer for 76 units it acquired in a sale-and-leaseback deal with Marks & Spencer in 2001, which it estimates to be worth a combined £500m. 

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The portfolio includes 13 M&S stores in prime London locations, including Camden, Chiswick, Clapham and Putney.

Altogether, the 76 stores have a combined annual rental of £31.4m and total 3,452,775 sq ft. 

Peter Arduino, capital markets executive director at CBRE, who is handling the sale, said: “This is a fantastic portfolio, which will offer investors the rare opportunity to acquire a perfect mix of prime high street units, 95% of which are let to one of the UK’s leading retailers.

“The portfolio will provide a stable income on fixed uplifts and valuable asset management opportunities. There is no doubt it will attract significant interest from the current UK and global market, which is currently lacking a supply of interesting stock.”

Topland acquired 78 M&S stores when the deal was made in 2001. 

 

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