• British Land sold Debenhams’ London flagship for £400m
  • The property firm has also sold leases on Waterstones and River Island stores since the EU referendum result
  • Chief executive says British Land is in “a robust position” despite Brexit uncertainty.

 

British Land has sold Debenham’s Oxford Street store lease as part of a ‘strategic focus’, to a private investor following Brexit.

The property company has struck a deal with an unnamed private investor to sell Debenhams’ seven-storey Oxford Street flagship for £400m.

The department store retailer, which reported its first rise in full-year profits and sales in four years last October, has a deal to let the building in its entirety until 2039.

The sale of Debenhams’ London flagship is the latest of 11 long-term lease sales made by British Land since the EU referendum result last month, including River Island and Waterstones outlets.

The property company has sold £99m worth of retail properties since the end of March, comprised mainly of superstores, and has a further 210,000 sq ft of retail lettings under offer.

British Land’s chief executive Chris Grigg said: “The disposal of Debenhams on Oxford Street reflects our strategic focus on multi-let assets within the retail portfolio.

“British Land has entered this period of post-referendum uncertainty in a robust position. 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.”

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