Asda has confirmed the sale of 24 supermarkets and a distribution depot for £ 568 million as part of a large-scale property transaction designed to support its financial restructuring.
The locations will transfer to a group of institutional investors through separate agreements. Blue Owl Capital will take ownership of ten stores and the Lutterworth depot in Leicestershire. Another ten stores will move to a joint venture between Blue Owl and Supermarket Income REIT. DTZ Investors will acquire the remaining four sites.
Asda will continue trading from all affected properties under long-term sale-and-leaseback arrangements, agreeing 25-year leases with further extension options. Operations for staff and customers will remain unchanged.
The move forms part of Asda’s wider efforts to stabilise its balance sheet. The retailer reported £3.8 billion in net debt in its most recent full-year filing and is due to provide an update on its third-quarter trading performance next week.
