US firm Fortress Investment Group has completed on the purchase of Topland’s £450m Marks & Spencer portfolio.
The portfolio comprises 76 Marks & Spencer stores. Topland instructed CBRE to sell the portfolio in April at an asking price of £500m, which reflects a 5.87% yield.
Topland bought the portfolio in 2001 for £348m from Marks & Spencer as part of a sale-and-leaseback deal.
London assets in the 76-strong portfolio include shops in Camden, Chiswick and Putney. The 3.5m sq ft portfolio generates annual rent of £31.4m.
Sol Zakay, chairman of Topland, said: “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.”
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