Topland has completed the sale of its Marks and Spencer portfolio of 76 UK stores for an estimated £500 mln (€591 mln).
'We are pleased that the sale achieved all its goals and our aim of repositioning our overall portfolio. We are very well placed as a group with liquid capital to acquire new assets across the UK where we see value in all asset classes,' said Sol Zakay, chairman of Topland.
The purchaser of the portfolio, which also includes some non M&S income due to Topland asset management, was not revealed. The transaction value has not been disclosed but the portfolio was put on the market earlier this year for about £500 mln.
Topland originally acquired the portfolio in 2001 and instructed CBRE to place it on the market a few months ago.
CBRE acted for Topland.
