Ikea is to buy the flagship Oxford Circus keep occupied by Topshop in a £385m deal pursuing the collapse of Sir Philip Green’s retail empire.
It will give the Swedish household furniture chain a existence at the heart of London’s shopping district amid booming desire for its goods given that lockdown was lifted.
Topshop fell into administration last November after years of declining profits. The model was subsequently acquired by Asos, which introduced programs to dispose of all physical stores.
The deal is not the 1st time the Swedish household furniture chain has tried to shift to Oxford Circus. Ikea formerly sought to choose over British Property Stores’ place on Oxford Avenue, and experienced also enquired about a web page at a nearby redevelopment on Cavendish Sq..
The deal brings Topshop’s 56-year tenancy on the road to an finish. It moved to Oxford Circus in 1965.
Administrators took over the company which owns the web page last November following the collapse of Sir Philip’s Arcadia manner empire. They explored both sale and leasing alternative just before the deal with Ikea was agreed, in accordance to Respond News.
Mike Ashley’s Frasers Team experienced also been intrigued in the web page. But talks stalled because Nike, an existing tenant in the constructing which will preserve its keep open, has a clause in its lease prohibiting a competitor from working in the former Topshop space.
Great Portland Estates, Criterion Money and Ramsbury all enquired about the web page devoid of talks progressing to a significant position.
Returns from the sale will be applied to reimburse senior loan company Apollo Money Administration. Leftover resources will go intp plugging the £510m deficit in Arcadia’s pension scheme.
The deal for the Oxford Circus keep follows an agreement with US genuine estate huge Trammell Crow for Arcadia’s former warehouse in Milton Keynes, as various Arcadia belongings are on the market.
Ikea did not reply to a ask for for comment.