skip_previous play_arrow skip_next
00:00 00:00
  • play_arrow

    North Derbyshire Radio

World News

Sainsburys seals 431m deal to buy freeholds of 21 stores

todayMarch 14, 2023 1

share close

Sainsbury’s seals £431m deal to buy freeholds of 21 stores

The deal is expected to complete by the end of the week

Sainsbury’s has agreed a £430.9 million deal to buy the freeholds of 21 supermarkets.

It will take full ownership of an investment vehicle holding a raft of stores after exchanging contracts to buy the remaining 51% stake it does not already own in Highbury and Dragon from real estate investment trust Supermarket Income REIT.

Sainsbury’s has held a 49% stake in the Highbury and Dragon sites since they were set up in 2000.

The investment vehicle holds the freeholds of 26 Sainsbury’s stores which are leased to the supermarket giant.

The retailer will buy the freeholds of 21 of the premises it previously rented, which will continue to be run as Sainsbury’s stores, while the remaining five will be sold, four of which it will lease back.

The deal is expected to close on March 17, with payment made in three tranches.

Sainsbury’s said: “Going forward, Sainsbury’s will not recognise revaluation gains and losses on these assets as they will be held as owner-operated freehold stores, instead seeing a reduction in depreciation and interest expenses, alongside a reduced cash outflow on rent.”

The company has more than 600 supermarkets and more than 800 convenience stores.

Published: 14/03/2023 by Radio NewsHub

Written by: NDR NEWS

Rate it

Previous post

World News

Kings silhouette appears on stamps for the first time

The first stamps featuring the King’s silhouette are to go on sale, with the historic floral set a nod to the green-fingered monarch’s love of gardening. Charles’s uncrowned profile, in silver and facing to the right in the top left hand corner, appears on a collection of 10 special stamps celebrating the nation’s favourite flowers. Unlike Queen Elizabeth II’s famous silhouette, the King is not depicted wearing a laurel wreath. […]

todayMarch 14, 2023 4