UK's Sainsbury's in talks to sell stores worth 500 million stg
2/2 Reuters. Trolleys stacked together inside a Sainsburys supermarket in Richmond, west London, Britain, June 27, 2022. Picture taken June 27, 2022. REUTERS/Henry Nicholls 2/2
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LONDON (Reuters) -British supermarket group Sainsbury's is in talks to sell 18 stores in southern England to property investor LXi REIT for about 500 million pounds ($568 million).
Both companies said on Wednesday they were discussing a sale and leaseback deal.
LXi REIT said it would seek to fund the deal through a mix of new equity and debt. It said it would discuss with potential investors the possibility of an equity raising.
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