Middle Eastern sovereign wealth funds are poised to swoop on the flagship Debenhams store in Oxford Street, following the collapse of a £150m deal with a Ukrainian investor.

It is believed British Land, the property giant that owns the building, terminated the deal as it was unlikely to be completed in the desired timeframe.

Several Middle Eastern SWFs are known still to be interested, and British Land is evaluating their bids.

CB Richard Ellis, the property adviser, is acting for British Land on both this and its £60m-plus sale of a House of Fraser store in Birmingham. British Land also co-owns 12 other stores in partnership with House of Fraser, two of which are currently on the market.

The Independent