Co-operative Group Nears £40 Million Sale Leaseback of 20 UK Grocery Stores

Property Week - July 17, 2009

Threadneedle and LaSalle Investment Management are the final two bidders for a purchase and leaseback of 20 Co-operative Group stores. The pair are awaiting a decision that was expected at the end of this week. The transaction would comprise the sale of 20 Somerfield and Co-Op branded stores for £35m-£40m.

The Co-op would lease the stores back for 25 years on inflation-linked rents.

Threadneedle and LaSalle are thought to have made the final shortlist from the eight initial bids. The sale follows the Co-op’s £1.6bn acquisition of the Somerfield supermarket chain in March this year.

Jones Lang Lasalle advises Co-operative. All parties declined to comment. Sphere: Related Content