6th Dec 2018 08:03
LONDON (Alliance News) - British Land Co PLC has agreed to sell its last four freestanding Debenhams PLC stores, the Financial Times reported Thursday.
British Land is putting its stores in Chester, Bournemouth, Cardiff and Chelmsford up for sale, through its US real estate agent CBRE Group, after it already agreed to sell its store in Clapham Junction, south London for about GBP48 million.
The four sales come 13 years after British Land agreed a GBP495 million sale-and-leaseback deal with Debenhams. According to the FT, British Land is shifting its retail property strategy to focus on shopping centres and mixed-use destinations.
The FTSE 100-listed real estate investment trust sold Debenhams flagship store on Oxford Street two years ago to a private investor for GBP400 million.
https://www.ft.com/content/1107466c-f898-11e8-8b7c-6fa24bd5409c
Shares in British Land were 0.4% lower at 569.17 pence each on Thursday.
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British LandDebenhams