Asda offloads 24 stores and Lutterworth depot for £568m
Asda will reportedly use the proceeds to repay a debt to Walmart. Author: Harry Holmes
Asda has offloaded 24 stores and its Lutterworth depot in sale & leaseback deals, raising £568m. Ten of the stores and the Lutterworth depot have been sold to Blue Owl Capital and another 10 to a joint venture between Blue Owl and property investment fund Super Income REIT. The remaining four – in Small Heath, Colindale, Coventry Abbey Park and Killingbeckand – have been sold to DTZ Investors. All the properties are subject to 25-year lease agreements, with a contractual option to renew for an additional 10 years at each renewal point.
“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,” said an Asda spokesperson. “These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control.”
Supermarket Income REIT announced its JV acquisition of the 10 “high-performing omnichannel supermarkets” for £196m this morning. The stores are in locations including Cornwall, Wales, and County Durham. Supermarket Income REIT CEO Rob Abraham said the transactions “further demonstrate our ability to deliver on our strategy, as we continue to successfully drive returns for our shareholders”. Blue Owl was advised by Atrato.
Авторское резюме
Сделан аккуратный пересказ фактов сделки: распродажа 24 магазинов и склада, суммы и участники сделок, условия аренды и заявления компаний.
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