An Asda store in Coventry is one of a package sold by the firm in a huge almost £600m package. The supermarket giant has confirmed it has raised almost £600mn from two sale-and-leaseback deals.

The Coventry Abbey Park store is one of four that have been sold to DTZ Investors and leased back. Asda has said in a statement that it will continue to operate all sites as normal, with no changes for colleagues.

The firm has also sold a further twenty stores, which have not been identified, and the Lutterworth depot to Blue Owl Capital and leased back. These too will remain operating as Asda stores.

Asda has said, in a statement on its website, that all of the properties are subject to 25-year lease agreements, with a contractual option to renew for an extra ten years at each renewal point.

See Full Page