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Investing.com -- Asda has finalized a sale and leaseback agreement for 24 stores and its Lutterworth depot, raising £568 million from two separate buyers.
The British supermarket chain sold four stores - Small Heath, Colindale, Coventry Abbey Park, and Killingbeck - to DTZ Investors. The remaining twenty stores and the Lutterworth depot were acquired by Blue Owl Capital.
All properties are subject to 25-year lease agreements with a contractual option to renew for an additional 10 years at each renewal point.
Asda confirmed it will continue to operate all sites as normal, with no changes for employees working at these locations.
An Asda spokesperson said: "Asda’s property strategy is centred on maintaining a strong freehold base while also taking a considered and selective approach to unlocking value from our estate where appropriate. These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control."
The announcement comes a day after Asda made senior leadership appointments, according to the company’s newsroom.
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