Six Toys ‘R’ Us sites to sell for £40m

Asset and property management company FI Real Estate Management is close to offloading a further six assets from the 1.9m sq ft “Duke” portfolio, under offer at more than £40m combined. The company added that there is an additional £111.5m of sales in the pipeline. It did not disclose any further detail on individual assets. The deals come after six properties, located in Cardiff, Liverpool, Plymouth, Shrewsbury, Woking and York, were sold last month for a combined £30.5m. Of the remaining 25 assets now available, nine are earmarked for redevelopment, along with 13 for retail lettings and three for sale. A spokesperson for FI Real Estate Management, said: “We have had strong interest in the portfolio since we took over its management, having implemented a successful business plan to help unlock its potential value. “This has been demonstrated through the first phase of strategic sales to a range of local authorities and retailers. “We currently have a number of properties under offer, heads of terms issued for pre-lets, and planning applications being developed for the remaining assets. The market is still buoyant and we are wholly confident that we will achieve a healthy return for the residual assets.” The company was appointed in March to provide full asset and property management services to the 31 assets, which comprised the freehold and long leasehold portfolio of the former Toys ‘R’ Us estate. The portfolio was put into Special Servicing with loan advisory firm Solutus after Toys ‘R’ Us (UK) Ltd collapsed into administration in February. Cushman & Wakefield and Morgan Williams are the sales agents for the portfolio. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette