Danish furniture chain Ilva has agreed to buy Marks & Spencer’s failed £40m Lifestore building in Gateshead for £35m.
Neither company would comment on the deal but the building’s sale is expected to complete in the near future.
The deal also includes three 10,000 sq ft units and a site in Thurrock, Essex.
Ilva has long been thought likely to buy the 77,000 sq ft Lifestore, which will shuts its doors to customers on Friday.
The store, which was put up for sale just 169 days after opening, has cost Marks & Spencer almost £30m.
Ilva plans to open 20 stores across the UK over the next decade. It will open its first store in Manchester this autumn.
References: EGi News 04/01/05
