Property Week - February 12, 2010
Sainsbury’s has agreed a sale and leaseback with Aviva Investors in Hayes, west London.
The pair agreed to regear the long leasehold at the 125,000 sq ft Sainsbury’s supermarket and petrol filling station at Lombardy Retail Park.
Aviva paid £55m for the leasehold and Sainsbury’s agreed a rent linked to the Retail Prices Index.
The Sainsbury’s deal is one of the largest purchases of a single supermarket in the last five years and is further evidence of the number of institutions keen to buy supermarket assets.
Grocery sales have continued to rise, despite the recession.
Jones Lang LaSalle advised Sainsbury’s; Briant Champion Long advised Aviva.
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