Morrisons plans to sell off stores as it seeks to shore up its balance sheet.
Clayton Dubilier & Rice, which bought the supermarket in a highly-leveraged £7bn deal last year, is seeking to sell and lease back five Morrisons supermarkets in what is thought to be the first such deal to be sanctioned in the Bradford-based grocer’s 123-year history.
BNP Paribas Real Estate is sounding out buyers for the stores, which will come with 20-year leases and rental uplifts linked to inflation. CD&R is seeking about £150m for the portfolio.
The proposed deal comes off the back of plans to sell and lease back warehouses and food manufacturing sites for hundreds of millions of pounds.
