• Seven-storey flasghip sold for £400m
  • Debenhams has deal to let building in its entirety til 2039
  • One of most expensive purchases in capital since 2008

H&M’s boss Stefan Persson is understood to be the buyer of Debenhams’ Oxford Street store, sold last week to an unknown private investor.

The billionaire chairman and Sweden’s richest man bought the seven-storey flagship for £400m from property giant British Land, according to The Sunday Times. Its annual return of 2.75% makes it one of the most expensive purchases in London since 2008.

Debenhams, which reported its first rise in full-year profits and sales in four years last October, has a deal to let the building in its entirety until 2039.

The sale of Debenhams’ London flagship is the latest of 11 long-term lease sales made by British Land since the EU referendum result last month, including River Island and Waterstones outlets.

The property company has sold £99m worth of retail properties since the end of March, comprised mainly of superstores, and has a further 210,000 sq ft of retail lettings under offer.

British Land’s chief executive Chris Grigg 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.”