Meyer Bergman has bought 14 development sites from Tesco for £250m.
The sale has been undertaken by Tesco’s development arm Spenhill and the sites are located across London, the South East and Bath.
The sites are suitable for mixed-use and residential development and their sale is part of Tesco’s objective of “protecting and strengthening its balance sheet” as well as disposing of sites that are no longer part of its scaled-back expansion plans.
Tesco and Meyer Bergman have completed on 11 of the sites. Deals for the remainder are expected “in due course”.
Markus Meijer, chief executive at Meyer Bergman, said: “We see this investment as an opportunity to give new impetus to the Spenhill projects, to make Tesco’s place-making ambitions for the sites happen and to make an enduring contribution to local communities.”
