Mail us info@duncanallison.com




 

http://www.costar.co.uk/en/assets/news/2016/July/British-Land-sells-Debenhams-flagship-Oxford-Street-store-for-400m/

07/07/2016

British Land sells Debenhams flagship Oxford Street store for £400m

By Kasmira Jefford - Thursday, July 07, 2016 16:52

British Land has exchanged contracts to sell Debenhams flagship store on Oxford Street to a private investor for £400m, in one of London's biggest deals since the EU referendum.

The seven storey building at 334-348 Oxford Street, near Bond Street station, is let in its entirety to Debenhams until 2039, and recently underwent a dramatic £25m revamp. 

In addition, British Land said it has exchanged on £99m of further retail disposals since 31 March 2016, including £79m of superstores, 3.1% ahead of March valuations. These transactions bring total retail disposals since the year end to £499m.

Since the EU Referendum, British Land has exchanged 11 long term retail leases totalling 50,000 sq ft and £2.1m of rent on terms agreed prior to the Referendum.

The leases are spread across our Regional and Local portfolios to a range of occupiers including Yo! Sushi, Nando's, River Island, Pret A Manger, Byron and Waterstones. In aggregate these lettings are 4.7% ahead of March 2016 ERVs. A further 210,000 sq ft of Retail lettings are under offer.

Chris Grigg, 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. Our finances are strong with an LTV of 29.7%, proforma for exchanged disposals, and the group has no refinancing requirement for over four years. Our speculative development commitments are low at 4% of the portfolio and we have considerable flexibility in our development pipeline."



16/11/2016
16/11/2016
06/09/2016
26/08/2016
26/08/2016
16/08/2016
10/08/2016
27/07/2016
27/07/2016
20/07/2016
19/07/2016
19/07/2016
14/07/2016
12/07/2016
07/07/2016
07/07/2016
13/06/2016
06/06/2016
03/06/2016
12/05/2016
06/05/2016
26/04/2016
06/04/2016
30/03/2016
04/03/2016
26/02/2016
22/02/2016
08/02/2016
05/02/2016
26/01/2016
21/01/2016
19/01/2016
19/01/2016
15/01/2016
13/01/2016
08/01/2016
07/01/2016
06/01/2016
06/01/2016
06/01/2016
06/01/2016
18/12/2015
10/12/2015
18/11/2015
10/11/2015
06/11/2015
28/10/2015
18/09/2015
11/09/2015
09/09/2015
08/09/2015
08/09/2015
07/09/2015
01/09/2015
28/08/2015
25/08/2015
24/08/2015
20/08/2015