Debenhams' Oxford Street flagship sold to private investor

By

Cajsa Lykke Carlson

Published
Jul 8, 2016

British high street retailer Debenham's seven-storey Oxford Street flagship store has been sold to a private investor for £400m by property investment company British Land.

The building, which is located close to the Bond Street tube station on Oxford Street, is let in its entirety to Debenhams until 2039.

Chris Grigg, British Land Chief Executive, 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. The portfolio is 99% occupied with a wide range of quality occupiers on long leases.”

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British Land says it has exchanged on £99m of further Retail disposals since 31 March 2016, including £79m of superstores.

Debenhams reported a 0.2% fall in like-for-like sales in the 15 weeks to June 11, its fiscal third quarter, saying trading conditions had become more uncertain, particularly in clothing.