Asset and property management company, FI Real Estate Management (FIREM), has announced the sale of the former Toys ‘R’ Us unit in Croydon for £16.1m.
The 42,741 sq ft. freehold property was purchased by an undisclosed buyer.
FIREM has also confirmed that the legal dispute concerning the portfolio has now been settled and that it is mandated to deliver an agreed business plan which is designed to maximise returns to the secured lenders and other stakeholders.
A spokesperson for FI Real Estate Management said: “We are pleased to have completed the sale of this former Toys R Us unit and have consistently demonstrated that through a combination of a solid business plan, strategic investment and a creative approach, there is a healthy appetite from a variety of well-known operators and investors for such out of town properties. Now that the legal proceedings have been resolved, we can concentrate on achieving maximum value from the remaining assets in the portfolio.”
Joint agents appointed to market the properties are Cushman & Wakefield and Morgan Williams.
Martin Supple, Head of Out of Town Retail at Cushman & Wakefield said: “The sale of Croydon is another successful outcome for the optimisation plan of the former Toys ‘R’ Us freehold portfolio and will form part of another tranche of transactions that are set to be announced shortly.’
The Toys ‘R’ Us estate originally comprised 31 property assets owned by Toys ‘R’ Us Properties (UK) Ltd. Following Toy ‘R’ Us entering administration in February 2018, FIREM was appointed to provide full asset, property and facilities management to the estate. There are currently 24 assets remaining for disposal with the completion of the business plan for the entire estate expected in 2020.
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