U.K. luxury retailer Liberty PLC said on Monday that it sold its Tudor-style department store building, a landmark in central London, to private real estate investors Sirosa Liberty Ltd. for GBP 41.5 million, or about $63 million, to repay its debt.

The retailer, known world-wide for the floral patterns of its fabrics, said it is planning to lease back the premises and continue to operate in the 125,000-square-foot, wood-paneled store located on one of London's busiest shopping streets. The deal will ease the financial pressure on Liberty, which ended the first half of 2009 with more than GBP 24 million in net debt.