Tiffany & Co Embarks on Sale-Leaseback Agreement

Diamond Intelligence Briefs has reported that luxury retailer has sold its Mayfair flagship store at 25 Old Bond Street for £73 million, and then immediately leased it back for 15 years with the option to further renew.

Following a store redesign, the world famous shop is now accessible from entrances at 25 Bond Street and 15 Albemarle Street.

CEO Michael J. Kowalski is quoted as saying "Combining the Old Bond Street and Albermarle Street properties into a spacious new store has generated sales growth beyond our expectations, and we had always planned to pursue a sale-leaseback transaction following the completion of construction.".