Department stores

• Debenhams, Oxford Street

  

We are investors in 10 department stores, subject to leaseback to Debenhams for a minimum of 25 years unexpired. In total these comprise 2.9 million sq ft in locations including the flagship store in London’s Oxford Street (366,700 sq ft); Market Street, Manchester (466,000 sq ft) and St David's, Cardiff (140,000 sq ft). The total gross annual rent passing is £28 million. The leases provide for minimum 2.5% per annum rental increases and five-yearly open market reviews from 2019 onwards.