Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 03 14T073112Z 1 LYNXMPEJ2D07I RTROPTP 4 SAINSBURY S OUTLOOK - Business Express

Sainsbury’s pays $524 million for full ownership of store investment vehicles


LONDON (Reuters) -British supermarket Sainsbury’s said on Tuesday it would take full ownership of the Highbury and Dragon store investment vehicles, paying Supermarket Income REIT 430.9 million pounds ($524.2 million) for its 51% stake.

Sainsbury’s, Britain’s second largest grocer after Tesco, has held a 49% interest in Highbury and Dragon, which comprises the freeholds of 26 stores leased to Sainsbury’s, since it was created in 2000.

The deal will result in Sainsbury’s buying the freeholds of 21 stores which will continue to be operated as Sainsbury’s supermarkets.

The remaining five stores will be sold by Sainsbury’s, four of which it will lease back.

Sainsbury’s has also agreed to fully fund Highbury and Dragon’s bond redemptions of 170.5 million pounds on March 20 and 130.4 million pounds on July 13.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

It said the acquisition and bond redemptions would be funded by cash resources and a committed unsecured term facility.

Shares in Sainsbury’s, which trades from over 600 supermarkets and over 800 convenience stores, have increased 17% in 2023 so far.

($1 = 0.8220 pounds)

(Reporting by James Davey, Editing by Paul Sandle)

 

Recent Post: