Co-op has sold its non-core petrol forecourt estate to Asda for £600m.
The estate comprises 129 petrol forecourts spread across the UK and represents 5% of Co-op’s retail estate of 2,564 stores.
Co-op said proceeds from the sale would be reinvested in its core convenience business, logistics and to reduce its net debt.
Chief executive Shrine Khoury-Haq said: “This transaction is in line with our strategy to move away from operating petrol forecourts and supports our vision of co-operating for a fairer world while building our core leading convenience business.”
The deal is expected to complete in Q4.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
