LONDON (Reuters) -British supermarket group Asda has raised 568 million pounds ($742 million) from sale and leaseback agreements on 24 stores and a depot with two separate buyers, it said on Thursday.
Asda Secures $742 Million in Sale and Leaseback Deals
LONDON (Reuters) -British supermarket group Asda has raised 568 million pounds ($742 million) from sale and leaseback agreements on 24 stores and a depot with two separate buyers, it said on Thursday.
Asda, majority owned by private equity firm TDR Capital, said it plans to use the proceeds to fund capital investment in the business and reduce debt.
Four stores have been sold to DTZ Investors and leased back, while 20 stores and a depot at Lutterworth, central England, have been sold to Blue Owl Capital and leased back.
Asda, which trails industry leader Tesco and Sainsbury's, said all the properties are subject to 25-year lease agreements, with an option to renew for an additional 10 years.
It will continue to operate all sites as normal.
($1 = 0.7652 pounds)
(Reporting by James Davey; Editing by Muvija M)
