British Land is poised to sell a portfolio of high street shops at a yield of 8%.

Private investor Tony Khalastchi, in partnership with LaSalle Investment Management, has placed the portfolio under offer for about £40m.

This high yield deal follows Khalastchi’s Chelsea-based property company, Flodrive, and LaSalle UK Ventures Fund’s purchase of an out-of-town retail park portfolio from British Land earlier this year at a 6.25% yield.

In February, the partnership bought four schemes in Ipswich, Leicester, Luton and Hyde in Manchester for around £35m.

The high yield in this latest purchase is symptomatic of the troubles facing the retail sector.

In its half year figures this week, British Land revealed that in the last six months it has suffered a 22% fall in net asset value and a 12.7% fall in its high street shop portfolio value.