Supermarkets are promoting their shops to lift fast money.
And Asda offered 25 supermarkets to US property investor Realty Revenue Company in a £650million deal.
Asda used the money to purchase nearly all of its proprietor EG Group’s UK enterprise.
The billionaire Issa brothers, Zuber and Mohsin, stated the deal had helped EG to make ‘important progress’ in decreasing its money owed.
They purchased Asda in a controversial £6.8 billion debt-fuelled deal three years in the past.
Asda and Morrisons – which each have giant debt piles – led the best way with offers to dump their retailers and warehouses final 12 months.
Though they promote the property, the grocers can lease it again from the brand new proprietor and proceed working the websites.
These sale and leasebacks accounted for near half of property offers in 2023 – in contrast with only one per cent in 2022 – based on knowledge from analysis group Colliers.Â
The sale and leaseback offers assist unlock money tied up in actual property to pay down debt.
Fast money: Asda and Morrisons – which each have giant debt piles – led the best way with offers to dump their retailers
Morrisons stated it accomplished round £450million of sale and leaseback transactions throughout its monetary 12 months to October 29, 2023.Â
And Asda offered 25 supermarkets to US property investor Realty Revenue Company in a £650million deal.
Morrisons is sat on a web debt pile of £8.6billion. Asda has £4.2billion.Â
The businesses declined to remark.
