INTERNATIONAL. CBRE has been appointed by Alshaya, a leading international retail franchise operator, to manage the 60-store La Senza UK portfolio acquired from administrators this week.
The lingerie chain has been sold to Alshaya UK Limited, part of the Kuwaiti-based business, following a deal to rescue 60 of La Senza UK’s 146 high street stores. CBRE has been retained by Alshaya to oversee acquisitions, rent reviews and lease renewals for the brand.
Alshaya, is the international franchise partner for a wide range of Britain’s leading retail brands including Mothercare, Debenhams, Boots, Next, River Island, Topshop, Miss Selfridge and The Body Shop. It will operate the stores and continue to trade as La Senza, under a franchisee agreement with Limited Brands Inc., the US retail group which owns the La Senza brand.
Alshaya, which plans to invest around £100 million into the brand over the next two years, already has a strong partnership with Limited Brands through franchise agreements elsewhere in the world for the Victoria’s Secret, Bath & Body Works and La Senza brands.
Tony Devlin, Head of High Street Retail, CBRE, commented: “CBRE is delighted to advise Alshaya on its plans for 60 La Senza stores in the UK and we look forward to developing a long-term partnership going forward. La Senza is an exciting brand in a growth market segment and under Alshaya’s management we expect the stores to perform well.”
John Hadden, Senior Vice President of Property at Alshaya, commented: “We have exciting plans to refresh the business with new product collections and store redesigns which will create a compelling customer proposition and enhance the brand’s contribution to the British high street. We are pleased to be working with CBRE to support our property goals.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.
CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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