More

    Sainsbury’s in talks to sell stores worth £500 million

    REUTERS/Andrew Boyers/File Photo

    Supermarket group Sainsbury’s is in talks to sell 18 stores in southern England to property investor LXi REIT for about £500 million.

    Both companies said on Wednesday (21) that they were discussing a sale and leaseback deal.

    LXi REIT said it would seek to fund the deal through a mix of new equity and debt. It said it would discuss with potential investors the possibility of an equity raising.

    Sainsbury’s, Britain’s second largest grocer after Tesco, also said it had reached an agreement on the price it will pay to buy 21 stores from the Highbury and Dragon investment vehicles. It did not disclose the price, but said the deal would complete in the first half of its fiscal year to March 2024.

    If the LXi REIT transaction goes ahead, the cash from that would part-fund the Highbury and Dragon deal, Sainsbury’s said.

    Both deals would result in a broadly unchanged proportion of leasehold and freehold Sainsbury’s supermarkets, but with ownership and lease structures better reflecting current market conditions and the group’s priorities, it said.

    Latest

    Wiltshire shop owner to pay over £1000 after selling vape to a child

    By Jessica Moriarty, Local Democracy Reporter A Wiltshire business owner...

    Alcohol licence refused for Brighton shop

    By Sarah Booker-Lewis, Local Democracy Reporter A convenience store owner...

    Post Office scandal: Government warned of sub-postmasters’ vulnerable mental health

    The government has been warned of some sub-postmasters' vulnerable...

    Regulator cracks down on vape ads on social media

    The Committee of Advertising Practice (CAP) has launched a...

    Don't miss

    Wiltshire shop owner to pay over £1000 after selling vape to a child

    By Jessica Moriarty, Local Democracy Reporter A Wiltshire business owner...

    Alcohol licence refused for Brighton shop

    By Sarah Booker-Lewis, Local Democracy Reporter A convenience store owner...

    Post Office scandal: Government warned of sub-postmasters’ vulnerable mental health

    The government has been warned of some sub-postmasters' vulnerable...

    Regulator cracks down on vape ads on social media

    The Committee of Advertising Practice (CAP) has launched a...

    Mohsin Issa denies rift with brother Zuber, says soon to hand over Asda leadership

    By Bill Jacobs, Local Democracy Reporting Service Mohsin Issa, the...

    Wiltshire shop owner to pay over £1000 after selling vape to a child

    By Jessica Moriarty, Local Democracy Reporter A Wiltshire business owner will have to pay over £1000 after he sold a disposable e-cigarette to a child. The...

    Alcohol licence refused for Brighton shop

    By Sarah Booker-Lewis, Local Democracy Reporter A convenience store owner has been refused a drinks licence after councillors shared police concerns about his lack of...

    Post Office scandal: Government warned of sub-postmasters’ vulnerable mental health

    The government has been warned of some sub-postmasters' vulnerable mental health owing to the slow pace of compensation payments, stated a recent report. According to NationalWorld,...