Arcadia secures £310m refinancing for Topshop flagship

Sir Philip Green’s Arcadia Group has sealed a refinancing on its £310m loan on its Oxford Street flagship. A four-year loan for the store, at 214 Oxford Street, was secured from US-based asset manager Apollo. The building houses Niketown, Topshop and Topman. The remortgage comes after the loan – provided by a syndicate of banks led by RBS – matured in June, with an extension to the end of December. Arcadia had reportedly been locked in talks with private equity firms and hedge funds in recent weeks, on securing fresh debt on the store. Earlier this year the retail group underwent a company voluntary arrangement, through which it proposed 23 store closures within its 566-store portfolio. A further 194 locations faced rent cuts and lease renegotiations. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette