M&G and John Lewis strike £125m deal for 11 Waitrose stores

9th February 2024 | Jack Oliver

M&G has reached an agreement with the John Lewis Partnership for the sale-and-leaseback of 11 Waitrose stores in a deal worth £125m.

The stores – which are predominantly located in the south of England – will be leased back to Waitrose on 20-year inflation-linked contracts.

In September, it was reported that the John Lewis Partnership was in talks regarding the sale and leaseback of 12 Waitrose stores in a deal worth £150m. This came after the retailer pushed back its plan to return to profit by two years, with John Lewis citing inflationary pressures and greater than expected investment requirements.

The partnership appointed a new director in January, with Peter Ruis returning to the business after 11 years.


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