Sainsbury’s and British Land have sold 12 superstores to a US property investment company for £492m, amid a struggling retail property market.
The sale to San Diego-based Realty Income Corporation will give Sainsbury’s net proceeds of £133m. British Land’s share of the sale will be £193.5m, although net proceeds will only be £95m after debt and contract break costs, it said in a statement to the stock market on Tuesday.
Sainsbury’s said it would continue to operate the stores, which will be leased back from the US investor.
