Asda Sells 24 Stores and Depot for 568 Million Pounds

Asda, the UK's third-largest supermarket chain, has agreed to sell 24 stores and a distribution depot for 568 million pounds as part of efforts to improve its financial health. The debt-laden retailer will lease back the properties and continue operating them without interruption to customers or staff.

The transactions involve two main buyers. Blue Owl Capital, a U.S. investment firm, will acquire 10 stores along with Asda's depot in Lutterworth, Leicestershire. Another 10 stores will go to a joint venture between Blue Owl and Supermarket Income REIT, a real estate investment trust. London-based DTZ Investors will purchase the remaining four sites: Small Heath, Colindale, Coventry Abbey Park, and Killingbeck. Under the agreements, Asda will rent the properties back on 25-year leases, with options to extend for an additional 10 years.

Asda emphasized that the sales will not affect day-to-day operations at the locations. Employees will retain their roles, and shoppers can expect business as usual. The deals are structured to allow the company to unlock value from its property portfolio while maintaining full control over store management.

The move comes amid ongoing challenges for...