Some 31 Toys ‘R’ Us assets will now be provided with full asset, property and facilities management services as part of our newly named Duke portfolio.
The portfolio is made up of freehold and long leasehold assets, all held in the UK with a combined total of 1,870,409 sq ft.
Integrated loan servicing and advisory firm, Solutus, has placed the portfolio into Special Servicing following Toys ‘R’ Us entering administration in February 2018.
The portfolio is owned by Toys ‘R’ Us Properties (UK) Ltd, which currently has secured debt of £263m. However, the distressed portfolio specialist has recognised its potential appeal to successful out-of-town retail operators and as prime development locations.
We have welcomed the opportunity and challenge of fully managing this portfolio and have agreed a business plan that allows us to preserve and unlock value without the need to make pressured decisions.
There is still plenty of life in the UK retail market with many high-quality retailers keen to expand their portfolio into these prime sites.