The company's 68% subsidiary, Liberty Plc, has exchanged contracts for the sale of the freehold interest in the 125,000 sq ft store on Great Marlborough Street to Sirosa Liberty Limited.

MWB says the sale price reflects an initial yield of 4.8%.

On completion, Liberty will lease back the store and continue retail operations from the building.

The freehold was valued at £30.25m at December 31. MWB says the sale price reflects increased demand for prime freehold property assets in Central London.

Liberty will use the proceeds to repay its bank debt and other liabilities, including short-term loans from MWB, and provide additional financial resources.

The sale is conditional on approval by MWB shareholders.

Story provided by Business Financial Newswire