GPOR.L Regulatory News (GPOR)

Press Release 

14 July 2021

GRP WELCOMES UNIQLO'S NEW LONDON STORE TO REGENT STREET

The Great Ropemaker Partnership (GRP), a joint venture between Great Portland Estates plc (GPE) and Ropemaker Properties (the property nominee of the BP Pension Fund), announces that it has let the entirety of 103/113 Regent Street, W1 to UNIQLO Europe Limited (UNIQLO).

The property, comprising 56,850 sq ft (5,280 sq m) of mixed use retail and office was previously let C-Retail Ltd (Superdry). GRP has simultaneously surrendered the Superdry lease and granted a new lease to UNIQLO. In addition, The Crown Estate have simultaneously surrendered Superdry's lease of the ground floor of 19/25 Sackville Street (which interconnects with 103/113 Regent Street) and granted a new co-terminous lease to UNIQLO.

UNIQLO will undertake a comprehensive fit out and their new Regent Street flagship store trading over lower ground, ground and first floors will open in Spring 2022. Part of the ground floor will be occupied by Theory, another of the Fast Retailing Group's exciting and innovative brands. UNIQLO and Theory will also occupy the offices above the store for their European and UK operations.

Hugh Morgan, GPE's Director of Investment Management commented "This transaction typifies GPE's collaborative approach to asset management working proactively with Superdry, UNIQLO and The Crown Estate, against a difficult backdrop, to secure this significant retail letting and we are delighted that UNIQLO has chosen 103/113 Regent Street as its new store."

Taku Morikawa, CEO Uniqlo Europe commented "As this year marks UNIQLO's 20 years of presence in the UK, we are very excited to be announcing the opening of a new UNIQLO store on the prestigious Regent Street and look forward to offering LifeWear - everyday high quality long lasting clothing - to Londoners that is more than ever relevant with the evolving consumer behaviours."