Asset and property management company, FI Real Estate Management (FIREM), has announced the sale of the former Toys ‘R’ Us unit in Croydon for £16.1m.
The 42,741 sq ft. freehold property was purchased by an undisclosed buyer.
FIREM has also confirmed that the legal dispute concerning the portfolio has now been settled and that it is mandated to deliver an agreed business plan which is designed to maximise returns to the secured lenders and other stakeholders.
The Toys ‘R’ Us estate originally comprised 31 property assets owned by Toys ‘R’ Us Properties (UK) Ltd. Following Toy ‘R’ Us entering administration in February 2018, FIREM was appointed to provide full asset, property and facilities management to the estate. There are currently 24 assets remaining for disposal with the completion of the business plan for the entire estate expected in 2020.