Saturday, March 17, 2007

Wm. Morrison Supermarkets Evaluating Options For £7 Billion Property Portfolio

Hemscott - March 15, 2007

William Morrison Supermarkets PLC is considering options for capitalising on its vast property portfolio but is not yet considering a full-scale sale-and-leaseback, chairman Sir Ken Morrison told reporters on a conference call.

William Morrison Supermarkets PLC is considering options for capitalising on its vast property portfolio but is not yet considering a full-scale sale-and-leaseback, chairman Sir Ken Morrison told reporters on a conference call.

As a 'first step' towards extracting value from the estate, which analysts reckon is worth between 7-7.8 bln stg, Morrison has confirmed it is in talks that may lead to it entering into a property partnership for some of its investment properties. Morrison explained that the 25 properties, which could be involved in the partnership, currently being examined are adjoining premises to Morrison's stores that the retailer generates rental income from.

Sir Ken ruled out the prospect of a major property disposal programme in the immediate future. Sphere: Related Content

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