The Telegraph - July 5, 2007
Supermarket group Morrisons has received several approaches for a portfolio of 25 sites that is expected to fetch more than a £1bn.
The company announced at its interim results earlier this year that it was looking to unlock value from the sites which are within or near its shopping centre parks, as well as from the shops themselves. The deal would help pay down the company's debt and return cash to shareholders.
The move to sell and leaseback sites has been looked at by several supermarkets, including Sainsbury, which has come under pressure from investors to relinquish its freeholds.
Morrisons declined to comment yesterday on who had made the approaches for the sites. Morrisons has already cashed in £1.3bn from property disposals since it bought rival Safeway.
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Thursday, July 05, 2007
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