views

Liberty in sale of flagship store for £41.5m

LIBERTY has confirmed it is selling its West End department store building for £41.5m to help pay off its debt.

The company said it had exchanged contracts to sell the freehold interest in the 125,000-square-
foot store, off Regent Street, to Sirosa Liberty Ltd.

Liberty will take a 30-year lease on the building at an initial annual rent of £2.1m, with five yearly fixed rent reviews during the intervening period.

The firm, which is 68 per cent owned by property group MWB Holdings, was Set up 135 years ago.

The deal still depends on the agreement of MWB and other investors.

Last week Liberty reveled that it was also in takeover talks.

A spokesman said the building sale and leaseback would not affect those negotiations.