M&G seals £125m sale-and-leaseback deal for Waitrose stores

A portfolio of Waitrose stores has changed hands from John Lewis Partnership to M&G in a £125m deal. The sale includes 11 supermarkets in the south of England with 20-year inflation-linked leases, which were immediately leased back by the grocer. The move comes as the partnership sought to raise capital after reporting another half-year loss in its financial accounts. The funds are expected to help monetise parts of the company’s 329-store Waitrose estate and 36 John Lewis department stores. The firm will also look to reinvest part of the proceeds in the business. CBRE acted as the agent for the partnership. Forge advised M&G. Photo © Jeff Blackler/Shutterstock