31 Toys ‘R’ Us assets will now be provided with full asset, property and facilities management services as part of the newly named Duke portfolio at FI Real Estate Management.
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 in total. Integrated loan servicing and advisory firm, Solutus, has placed the portfolio in to 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.
A spokesperson for FI Real Estate Management commented:
“We have welcomed the opportunity and challenge of fully managing this portfolio. We have agreed a business plan that allows us to preserve and unlock value without the need to make pressured decisions. There is still life in the UK retail market where there are many high-quality retailers wanting to expand their portfolio into these prime sites”.