Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

UK’s Sainsbury’s in talks to sell stores worth 500 million stg

UK's Sainsbury's in talks to sell stores worth 500 million stg 1

LONDON (Reuters) -British supermarket group Sainsbury’s is in talks to sell 18 stores in southern England to property investor LXi REIT for about 500 million pounds ($568 million).

Both companies said on Wednesday 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.

Shares in Sainsbury’s were up 1.8% at 0922 GMT, while shares in LXi REIT were up 2.6%.

($1 = 0.8807 pounds)

(Reporting by James Davey; editing by William James and Mark Potter)

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Advertisement

Newsletters with Secrets & Analysis. Subscribe Now