Asda Announces Sale & Leaseback Agreement

Asda today [20th November] confirms that it has reached a sale and leaseback agreement on 24 stores and its Lutterworth depot with two separate buyers.  

The key elements of these transactions are:  

• Four stores (Small Heath, Colindale, Coventry Abbey Park and Killingbeck) have been sold to DTZ Investors and leased back. 

• Twenty stores and the Lutterworth depot have been sold to Blue Owl Capital and leased back. 

• These transactions have raised a total of £568 million. 

• 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 will continue to operate all sites as normal, with no changes for colleagues working in 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.” 

Source : Asda

Image : Asda

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