The much-awaited Topshop’s Oxford Street flagship store has begun its sale process. The store is up for sale with a price tag of £420 million.
The store has been a talking point lately for its ideal location and is being labelled as an opportunity to unveil a new age retail concept.
The £420 million sale process has been, reportedly, named Project Infinity, and is being led by real estate investment bank firm Eastdil Secured – on behalf of KPMG.
Eastdil Secured has been seeking buyers for the site following Arcadia’s fall into administration late last year.
The building, as per media reports, was valued at £500 million two years back, but ever since pandemic has hit the world, consumers started shifting to online shopping and consequently values of commercial property have fallen sharply.
The London-based site, besides housing Nike’s biggest store in Europe, also houses footwear brand Vans’ store.
Reportedly, private equity firm Apollo will get the first £311.6 million of the sale, which lent against the building in 2019, and rest of the proceeds will go to the Arcadia pension fund, which is the second secured creditor.
Notably, the pension had a deficit of £510 million at the time of Arcadia’s collapse.
Meanwhile, Asos, which acquired Topshop earlier this year, has said that it may not purchase the store.