Sainsbury’s has acquired the freeholds of 21 stores from Supermarket Income REIT in a £431.5 million deal.
The supermarket will be purchasing stores held in the Highbury and Dragon investment vehicles. Sainsbury’s has held a 49% interest in Highbury and Dragon, which comprises the freeholds of 26 Sainsbury’s supermarkets that are leased back to Sainsbury’s. The remaining 51% is owned by Supermarket Income REIT.
The transaction will result in Sainsbury’s acquiring the freehold of 21 stores which will continue to be operated as Sainsbury’s supermarkets. The remaining five stores will be sold by Sainsbury’s.
The purchase will be implemented through an acquisition of Cornerford Limited, Horndrift Limited, Avenell Property PLC, and Hobart Property PLC.
