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grocery giant Asda It has agreed to sell 24 supermarket sites and a major depot in a deal worth £568 million.
To improve its finances, the debt-laden retailer will use a sale-and-leaseback arrangement, allowing it to continue operating the locations without any interruption.
The assets will be acquired by two separate investment groups. American investment firm Blue Owl Capital is ready to buy ten stores AsdaDepot at Lutterworth, leicestershire,
The other ten stores will be sold to a joint venture between Blue Owl and Supermarket Income REIT, a real estate investment trust. LondonBased DTZ Investors will acquire the remaining four sites.
Asda has assured that all affected locations will continue to operate as normal, with no changes expected for their staff.
Both deals will see ASDA rent back the properties on 25-year lease deals, with the option to extend for a further 10 years.
It is understood the deals are part of efforts to boost Asda’s financial position as it pursues turnaround plans to improve its performance under boss Alan Leighton.
An Asda spokesperson said: “Asda’s property strategy is focused on maintaining a strong freehold base, while also taking a considered and selective approach to unlocking value from our properties where appropriate.
“These transactions reflect an approach that enables us to capture value from the sites while maintaining full operational control.”
The company is set to report on its third-quarter business and latest financial position next week.
According to its latest full-year accounts, Asda had £3.8bn of net debt at the end of 2024.