// Topshop begins sales process for its London flagship store
// The building is in the market now for £420 million
// The sale process is led by real estate adviser Eastdil Secured on behalf of KPMG
Topshop’s Oxford Street flagship store has reportedly launched a sale process with a £420 million price tag.
The building, which was valued at £500 million two years ago, is being advertised as an opportunity to introduce a “new age retail concept”.
The sale process – named Project Infinity – is led by real estate adviser Eastdil Secured on behalf of KPMG, which was appointed administrator to Redcastle 214 – the company that held the building when Arcadia collapsed in December.
The six-storey site located in London also houses Nike’s biggest store in Europe and a shop let to footwear brand Vans. There is office space on the upper floors.
The first £311.6 million of any sale will go to private equity firm Apollo, which lent against the building in 2019, with further proceeds going to Arcadia’s pension scheme, The Times reported.
The pension scheme had a deficit of £510 million when the empire collapsed.
Topshop’s flagship store has been circled by a number of retailers since its collapse, including JD Sports, Nike, Amazon, Ikea and Mike Ashley’s Frasers Group.
Online retailer Asos, which bought the Topshop brand out of administration earlier this year, said it would not purchase it even though it initial reports suggested it could keep the store.