© Reuters. FILE PHOTO: A view of a Morrisons supermarket in Birtley, Britain August 16 2021. Picture taken August 16 2021. REUTERS/Lee Smith
LONDON (Reuters) – Morrisons has completed a 220 million pounds ($269 million) sale and leaseback deal for seven logistics properties with asset manager ICG, the British supermarket group said on Friday.
It said it will lease the properties back for up to 25 years, adding that the transaction will help finance further investment in the business, including five new supermarkets next year.
Morrisons, which recently lost its status as Britain’s fourth largest supermarket group by market share to discounter Aldi, has been owned by U.S. private equity firm Clayton, Dubilier & Rice for just over a year.
($1 = 0.8174 pounds)
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