M&S SELLS: Marks & Spencer plc has let go of a part of its past. The firm said Thursday it sold its former corporate headquarters at Michael House on London’s Baker Street for 115 million pounds, or $216.2 million, to London & Regional Properties. The property had been on sale since September, after M&S moved to its new, purpose-built headquarters at Paddington Basin. Richard Ratner, head retail analyst for Seymour Pierce in London, said while the property was sold at its net book value, he was expecting a price as high as 150 million pounds, or $282 million. The Baker Street site is just one property in M&S’s bulging asset portfolio. The British retailer owns real estate worth 2.15 billion pounds, or $4 billion, according to the latest annual report. Analysts say that figure is actually much higher because of London’s hot property market.
BURNS GETS INTIMATE: Pat Burns has been promoted to president of Kellwood Intimate Apparel and chief executive of Gerber children’s wear. At the Intimates division, he replaces Jim Mogan, who had been president and recently left the company to pursue other opportunities, Kellwood said. Burns, who reports to president and chief operating officer Robert C. Skinner, was most recently president of Gerber. Kellwood is conducting a search for a new Gerber children’s wear president.
This story first appeared in the February 4, 2005 issue of WWD. Subscribe Today.