Tesco Agrees Sale of 14 Development Sites in U.K. for GBP250 Million
15 Oktober 2015 - 8:58AM
Dow Jones News
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 15, 2015 02:43 ET (06:43 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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