Ikea is set to spend hundreds of millions of pounds to secure the former flagship Topshop store on London’s Oxford Street.
The deal would see it pay £385m for the building, which includes the 100,000sqft TopShop store and branches of Nike Town and Vans.
Topshop’s former parent Arcadia secured a £310m mortgage on the building in 2019 as the group looked to raise funds in an ultimately ill-fated effort to survive.
Once this has been repaid about £40m will go to the Arcadia pension fund and the balance to the group’s creditors.
Ikea recently abandoned plans to open a new store In West Sussex.
