Department store chain BHS is reportedly close to selling the 45 year lease on its Oxford Street flagship to Abu Dhabi’s royal family.
The retailer, which secured a voluntary creditors arrangement last week, is closing in on a deal with Lancer Property Asset Management, according to The Sunday Times.
The newspaper said negotiations had “accelerated” and a deal could be announced as early as this week.
In January Bhs was rumoured to have agreed to lease part of its Oxford Street flagship to Polish retailer LPP for its young fashion chain Reserved. One source told Drapers the deal was for one unit within the 252-258 Oxford Street store.
BHS is also arranging a deal with US investment firm Gordon Brothers for a £60m loan.
More than 95% of creditors to BHS Limited approved its CVA proposals at a meeting on March 23.