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British Land inks £400M sale on London's Oxford Street

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British Land inks £400M sale on London's Oxford Street

has agreed tosell 334-348 Oxford St., home of Debenhams' flagship store, in London for £400 millionto a private investor.

The retailerhas a lease on the seven-story property in the West End shopping district until2039.

The companyalso said that it has exchanged on retail sales worth £99 million since March 31,including £79 million of superstores, 3.1% ahead of March valuations. Retail salessince year-end aggregate £499 million.

Since the Brexitvote in June, British Land has signed 11 long-term retail leases totaling 50,000square feet and £2.1 million of rent on terms agreed to prior to the referendum.The lettings are 4.7% ahead of March estimated rental values. An additional 210,000square feet of retail lettings are under offer.

"Thedisposal of Debenhams on Oxford Street reflects our strategic focus on multi-letassets within the Retail portfolio," CEO Chris Grigg said in a release. "BritishLand has entered this period of post-referendum uncertainty in a robust position.… Our speculative development commitments are low at 4% of the portfolio and wehave considerable flexibility in our development pipeline."