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LONDON-AXA Real Estate Investment Management has re-let 221/223 Oxford Street, close to Oxford Circus in London’s prime retail pitch, to Italian retailer Expensive fashions.

The 20,000-sf property was occupied by the retailer on a short lease when AXA bought the investment as part of a mixed-use portfolio, paying Legal & General £70 million ($100 million). Now, through Strutt & Parker, it has negotiated a surrender of the lease and agreed a new 25-year lease with five yearly reviews, at a rent of £1.07 million ($1.5 million) per annum, reflecting £390 ($554) zone A.

Expensive Fashions already trades across Europe, and is planning to use the Oxford Street flagship as a launch pad for a UK expansion programme. Through its agent Charles Price & Co it aims to acquire up to three new stores in the UK during 2002.

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