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British Land Set for $775M Retail Deal

LONDON-British Land Land is poised to sign a deal to buy Debenhams' freehold property for pounds 450 million ($775 million) in what is set to be UK's biggest retail property deal of the year.

By Anita Howarth | Updated on December 04, 2003

LONDON-British Land Land is poised to sign a deal to buy Debenhams’ freehold property for £450 million ($775 million) in what is set to be biggest retail property deal of the year.

A deal with Baroness Retail, the new owner of department store operator Debenhams, is understood to be close to completion. But it is unlikely to be signed before shares in the retailer are delisted.

British Land has been in talks with Baroness Retail for weeks over a sale-and-leaseback of up to 26 stores. This followed the successful £1.7 billion ($2.9 billion) takeover of Debenhams. The new owner, Baroness, is a consortium comprising venture capitalists CVC Capital Partners, Texas Pacific Group, and investment house, Merrill Lynch Global Private Equity.

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