Marks & Spencer has become involved in a major financial dispute with its landlord at the Frascati shopping centre in Blackrock, Dublin.
Building work is about to get under way on an estimated €40 million revamp of the Frascati centre and the project will more than double retail space at the complex, including a sizeable extension to the 20,000sq ft supermarket unit occupied by M&S, reported Irishtimes.com. M&S currently pay rent of in the region of €750,000.
The shopping centre, which is managed by John Bruder’s Burlington Real Estate was bought by US fund Invesco for €68 million in 2015. M&S has now fallen out with owners of the centre.
Reportedly, the row could end up in the Commercial Court, the fast-track division of the High Court that is reserved for multimillion-euro disputes. M&S wants the fast-track commercial division to accept the case at a hearing next Monday.
© 2017 - Checkout Magazine by Donna Ahern