Sunday, November 19, 2017

British Land sells Debenhams’ Oxford Street building for £400m

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British Land has confirmed it has reached a deal with a private investor to sell off its Debenhams building on Oxford Street for £400 million.

Debenhams will continue to trade in the seven-storey London flagship as per normal, under a deal to let the building until 2039.

News of the sale comes after British Land also made 11 other lease sales, including River Island and Waterstone outlets, since the Brexit referendum result last month.

“The disposal of Debenhams on Oxford Street reflects our strategic focus on multi let assets within the retail portfolio,” British Land chief executive Chris Grigg said.

“We have a strong, resilient business with a clear strategy. We have a modern portfolio which is well suited to current and future customer needs.”