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Gloucestershire Business News

Sainsbury’s £500m deal to sell stores

Sainsbury's has agreed a £500 million deal to sell 18 of its stores to a real estate investor and then lease them back.

London-based real estate investment trust LXi REIT said it has exchanged contracts for the stores, but completion of the deal depends on raising funds, as reported by Retail Gazette.

The company is in discussions with investors over taking on new debt and a possible share sale to pay for the purchase.

The agreement will see the supermarket chain sell the stores, all located in prime positions across the south of England, to LXi REIT before renting them back.

The supermarket has already reached an agreement on a price to acquire 21 stores from another investor. The deal with LXi REIT will partly help to fund the acquisition.

Sainsbury's said the two deals would mean its ownership and lease structures would better reflect 'current market conditions and our priorities'.

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