Morrisons on a sale-and-leaseback drive

RetailME Bureau

As part of its sale-and-leaseback drive, UK-based Morrisons has agreed to offload a second tranche of stores in a $152.65 million deal.

The deal involves three sites, with Aberdeen Asset Management under offer on two stores, in Reading and Darlington and the Universities Superannuation Scheme agreeing to buy Morrisons’ High Wycombe branch. The stores are to be sold at yields between 4.5-and-5%.

In April 2014 Morrisons had announced plans for a $763.24 million sale-and-leaseback strategy, with fund manager M&G Real Estate acquiring three stores for around $168 million towards end of last year. M&G is also expected to complete the purchase of a fourth Morrisons store, at the Killingworth Centre, near Newcastle, for around $46 million this month, after Development Securities recently finalised its acquisition of the non-food store element of the shopping centre for $29.31 million.