Property Week reports that B&Q is planning sale and leasebacks on parts of its £1.1bn UK portfolio in an effort to advance its turnaround strategy and raise cash. The company reportedly completed its first sale and leaseback before Christmas when Standard Life Investments paid £61 million for two warehouses in Birmingham and Doncaster. The sale and leaseback, through subsidiary B&Q Properties, was reportedly completed in four and half days after a private investor pulled out of the deal before Christmas.
Terry Hartwell, property director at B&Q's parent company Kingfisher Group, was reported as saying that the company would likely pursue further sale leaseback transactions in 2006.
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Saturday, February 04, 2006
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