British Land is selling a central London retail asset for £400m (€469.3m).

The listed UK property company exchanged contracts on its 334-348 Oxford Street asset with a private investor.

The seven-storey building, near Bond Street Underground station, is fully let to retailer Debenhams until 2039.

Since the UK’s vote to leave the European Union last month, British Land said it has exchanged 11 long-term retail leases totalling 50,000 sqft and worth £2.1m in rent, on terms agreed prior to the vote. 

Chief executive Chris Grigg said British Land had entered the period of post-referendum uncertainty in a “robust position”.

“We have a strong, resilient business with a clear strategy,” he said.

Grigg said the company’s portfolio was 99% occupied, with a “wide range of quality occupiers on long leases”.

“The group has no refinancing requirement for over four years,” he said.

“Our speculative development commitments are low at 4% of the portfolio, and we have considerable flexibility in our development pipeline.”

British Land has agreed to sell £99m of retail assets since March this year, including £79m of superstores.