British Land has exchanged contracts for the sale of the Debenhams department store at 334-348 Oxford Street to a private investor for £400 million.

The building is let in its entirety to Debenhams until 2039.

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.”