Morrisons plans to sell a portfolio of five stores to boost its balance sheet in the current uncertain economic conditions.
The supermarket giant’s owner Clayton Dubilier and Rice (CD&R) is reportedly seeking a sale and lease back deal for the stores. The move is considered to be the first of its kind in Morrisons 123-year history.
According to The Sunday Times, property advisor BNP Paribas, is seeking buyers for the stores, which come with 20-year leases and rental uplifts linked to inflation. CD&R is seeking circa £150m for the portfolio.
CD&R acquired the grocer in a highly-leveraged £7bn deal last year. The deal was approved by the Competition and Markets Authority (CMA) in June.
The owner’s plans follow on from a separate proposed sale and lease back of Morrisons warehouses and food manufacturing sites.
Morrisons currently own 86% of its 497 supermarkets.