British Land sells central London retail asset for £400m

British Land has sold 334-348 Oxford St., London, to a private investor for £400 million ($518 million).

The asset is a seven-story building located near Bond Street Underground Station in London’s core West End shopping district. The building is let in its entirety to Debenhams until 2039.

Thus far this quarter eight London offices have been exchanged, totaling more than $1.1 billion in sales volume. Sales volume during 2016 to date has decreased compared to the previous year, which averaged more than $8.4 billion in sales volume per quarter. During the first quarter  and second quarter of 2016, sales totaled $4.96 billion and $3.7 billion, respectively.

In addition, British Land has exchanged on £99 million ($131 million) of further retail disposals since March 31, 2016, including £79 million ($105 million) of superstores, 3.1 percent ahead of March valuations. These transactions bring total retail disposals since year-e