Portfolio

Topps Tiles agrees sale and leaseback of HQ, central warehouse for £18.1m

By Michele Maatouk

Date: Monday 01 Jun 2020

Topps Tiles agrees sale and leaseback of HQ, central warehouse for £18.1m

(Sharecast News) - Tiles specialist Topps Tiles said on Monday that it has agreed the sale and leaseback of its head office and central warehouse buildings at Grove Park in Leicester to UK Warehouse Properties for £18.1m.
Topps, which expects the sale to complete in early June, said the consideration represents a premium of about 29.3% to the balance sheet asset value of the properties of £14m.

Proceeds from the sale "will further strengthen the group's financial position as it responds to the Covid-19 crisis", it said.

In connection with the sale, Topps has also entered into leases for the properties for a 20-year period following completion, for an annual rent of £1.2m.

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