Tesco has announced the sale of development sites worth around £250 million to a fund and clients advised by Meyer Bergman, the pan-European real estate manager.
The sites, known as the Spenhill development portfolio, are located in London, the South East and Bath.
The sites are suitable for mixed-use and residential development and Tesco said that the transaction ‘marks further progress against Tesco's strategic priority of protecting and strengthening its balance sheet’.
“Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites,” said Dave Lewis, Tesco chief executive.
“We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development.”
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
