UK: Property Partnership Eyes M&S Stores
A £400 million bid for around 78 stores in Marks & Spencer's property portfolio has been put together by construction company Miller Group, Royal Bank of Scotland and London-based property investor Topland Group. M&S plans to select a winning offer from a shortlist of four interested parties by the middle of this month. The troubled retailer hopes to raise a total of around £2 billion for shareholders from property sales as well as disposals of non-core businesses such as US men's wear chain Brooks Brothers and the closure of its stores in mainland Europe.
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