Supermarket retailer Morrisons has entered into a conditional agreement to acquire 16 former Netto stores from Asda for £28.1m.
The deal, which totals 120,000 sq ft, is part of the supermarket’s aim to acquire 500,000 sq ft during 2011-12.
The deal is also conditional upon the successful completion of Asda’s acquisition of Netto UK, which requires final approval by the Office of Fair Trading.
The handover is expected to take place on a phased basis, commencing in March. Completion of the conversion to the Morrisons’ format is expected to take three months.
Morrisons has a 437-strong portfolio of stores.
Dalton Philips, chief executive of Morrisons, said: “These additional stores are an important next step in Morrisons’ growth. We are building on our strategy to bring Morrisons’ unique offer of freshly prepared, affordable food to more people in Britain.”
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
