With the long-lease of its previous C&A-unit at 200 Oxford Street (London) to Urban Outfitters and The Schuh, Redevco has ended one of the most talked about London real estate matters of the last couple of years. Redevco has a lease of another 909 years on this prestigious building at 200 Oxford Street with a fixed rent of ₤ 1139 per year. Owner Mount Cook refused to give Redevco consent for redeveloping the building after C&A moved out. In a number of lawsuits, up to the High Court, Redevco in the end did get approval to realize offices and housing units on the ground floors next to retail.
In the meanwhile, Redevco did agree to a 20 year-lease with JJB Sports for the ground floor and the second and third floor for an annual rent of ₤ 2,125 million. But meanwhile JJB Sports has changed its shop strategy in Central London and therefor both parties have decided to dissolve the contract. Redevco and JJB Sports didnââ¬â¢t announce the amount involved to break the contract.
Redevco has now found a new tenant in Urban Outfitters for a 20-year lease of ₤ 1,475 million per year. Urban Outfitters will use 12,600 square feet of shoppingspace and 9,600 square feet of storagespace. Another 20-year lease contract was made with The Schuh for ₤ 1 million per year. The Schuh will use the three floors in the building comprising 8,480 square feet.
With this complex, but very lucrative deal for Redevco, Cushman & Wakefield acted on behalf of JJB Sports, Ian Scott & Co on behalf of Urban Outfitters, Hartnell Taylor Cook for The Schuh and Kitchen Le Frenais Morgan for Redevco.
Spain
In Spain Redevco has sold three shop units for a total amount of almost â⬠11 million. It concerns a unit in shopping center La Laguna (Tenerife) of 4215 mò, which was sold for an amount of â⬠7.1 million to a local investor. The unit has a long-lease by C&A.
A second shop unit with a surface of 2814 mò in the shopping center Los Patios in Malaga was also sold to a local investor for the amount of â⬠3.1 million. This unit is also let to C&A.
The third unit with a surface of 2639 mò in the shopping center A Barca in Pontevedra (Galicia) was sold to a local investor for â⬠600,000. These sales are part of the strategy of Redevco to clear the portfolio every now and then and to reinvest the proceeds.
