Ikea is in pole position to take over Topshop’s former Oxford Street flagship.
The flat-pack furniture giant is expected to pay about £385m for the leasehold of 214 Oxford Street, W1, which, along with the 100,000 sq ft former Topshop store, includes a 73,000 sq ft Nike shop and a 4,700 sq ft Vans shop.
It is thought that Ikea will use the vacant Topshop space as a showroom for home delivery orders.
Ikea is believed to have fought off rival bidders including H&M owner Stefan Persson, Great Portland Estates and Criterion Capital. Mike Ashley is thought to have pulled out of the running for the building because of a clause in Nike’s lease which prevents a rival moving in to the building.
As a senior lender, Apollo will receive the £312m that it is owed from Arcadia, with the rest going into the group’s pension pot.
