London Topshop flagship goes for sale for €486m

Topshop’s iconic flagship store on Oxford Street in London is up for sale for an estimated price of  €486.4 million ($586.14 million).

Eastdil Secured on behalf of KPMG is marketing the asset.

The 90,000-square-foot store has been a regular feature of central London’s shopping hub since it opened in 1994.

Apollo Global Management Inc. will receive the first £311.6 million (€359 million/$433 million) of the property’s sale, according to other media outlets. The private equity firm served as the senior secured creditor of Redcastle (214 Oxford Street) Ltd., a company that is part of the Arcadia umbrella and owned the building. Arcadia Group Pension Trust Ltd., which is the second secured creditor, will then receive £185 million (€213 million/$260 million).

Topshop owner, Arcadia, collapsed into administration in November and the company’s assets are still being sold off.