John Lewis GBP 150m Oxford Street redevelopment delayed
What: John Lewis is stalled in their sale of a part of its Oxford Street flagship store.
Why it is important: The hold-ups can impact the company's financial plans and potential real estate investments.
The company had chosen a joint venture between developer Hines and Korea's National Pension Services as the preferred bidder to convert the upper floors into offices. However, declining property values and rising interest rates have caused setbacks in finalizing the deal.
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