Asda, one of the most popular supermarket chain is planing to reduce its debt by selling 24 stores and its Lutterworth depot.
However, the company will continue to operate all of these locations through leaseback agreements.
Asda has made a £467 million agreement with Blue Owl, a New York-based asset manager and Supermarket Income REIT, a London-listed company, to sell and then lease back 20 stores and its Lutterworth depot.
Asda will continue operating these properties under 25-year leases with an option to extend the leases by another 10 years.
The transactions have raised £568m, an Asda spokesperson said, adding that, "Asda's property strategy is centred on maintaining a strong freehold base while also taking a considered and selective approach to unlocking value from our estate where appropriate."
The statement added, "These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control."
GMB union believes Asda's sale of stores is a way to take money out of the company and says this action is negatively affecting the motivation and morale of its employees.
