Struggling department store chain BHS is reportedly selling its Oxford Street flagship store to Abu Dhabi’s royal family.
After securing a CVA last week, it is understood that BHS is close to finalising a £55m deal with Lancer Property Asset Management who are working for the royal family, according to the Sunday Times.
The property group already owns the freehold of the site and wants to renovate the entire block including the London College of Fashion.
While the two parties have been in talks for several months, it is believed that the discussions have “accelerated” recently. An announcement regarding BHS’s flagship lease could be made this week.
In addition to its CVA approval, BHS is also in the process of securing a deal with American investment firm Gordon Brothers for a £60m loan.