Property company British Land has announced it has exchanged contracts for the sale of Debenhams’ Oxford Street store.
The seven-storey building was sold to a private investor for £400m and is let to Debenhams until 2039.
British Land said it was in a “robust position” despite the economic uncertainty surrounding Britain’s decision to leave the European Union.
“The disposal of Debenhams on Oxford Street reflects our strategic focus on multi let assets within the retail portfolio,” said chief executive Chris Grigg.
“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.”