Supermarket group Morrisons has agreed a £331m property deal as part of efforts to slash its significant debt pile. The private equity-owned retailer said on Thursday that it expects to complete the “ground rent financing” deal around October 2.
It said Morrisons will sell 76 properties to an undisclosed business, before these are then leased back to the retail firm. READ MORE: Moment speeding BMW driver takes officers on chase through Manchester after 'ramming' into police cars Sky News reported that real estate investor Song Capital is the buyer.
The company will announce a third quarter trading update later on Thursday. Morrisons, which was bought by US private equity firm Clayton, Dubilier & Rice in 2022 for £7bn, is the fifth-largest supermarket chain in the UK.
The deal comes amid efforts by Morrisons to reduce its heavy debt pile, although the company said the way it will use the proceeds of the deal is “under consideration”.
Read more on manchestereveningnews.co.uk
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