By Alex MacDonald

LONDON--Tesco PLC (TSCDY), the U.K.'s largest retailer, said Thursday it agreed to sell 14 mixed-use and residential Spenhill development sites across London, the south-east of England and Bath for GBP250 million ($387 million).

The sale of the sites to a fund and clients advised by Meyer Bergman, a pan-European real-estate investment manager, is in line with Tesco's aim of cutting net debt and strengthening its balance sheet.

Tesco said the sale of 11 of the sites has been completed and the sale of the remaining sites will be completed in due course.

"Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites," said Tesco Chief Executive Dave Lewis.

Write to Alex MacDonald at alex.macdonald@wsj.com

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(END) Dow Jones Newswires

October 15, 2015 02:43 ET (06:43 GMT)

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