Publicly listed real estate company British Land has confirmed the sale of Debenhams flagship store for £400m.

British Land announced that exchanged contracts for the sale of the store based on Oxford Street in London have been completed with a private investor.

The asset is a seven storey building and is is let 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.”