Inside The £360M Bet On Empty Toys R Us Property That Went Wrong For Everybody

Even at the time, it seemed like a bold move.
In 2019, a Lancashire-based property company took on £363M of debt and other liabilities relating to a portfolio of big-box retail properties once occupied by Toys R Us. The fallen giant of a retailer had been in administration for a year, the properties were empty and the retail market was a bloodbath.
Nevertheless, the company bet that it could sell the assets for more than the debt it had taken on. 
But a set of financial accounts filed recently show that the bet is unlikely to pay off, with Covid-19 making the already-marked-down…

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