Category : Commercial Transactional
Retailer Sainsburys has entered into a commercial property deal worth £1.2 billion with British Land which will see the retailer add 39 new stores to its portfolio.
The joint investment includes £273 million from Sainsbury's, with the stores being owned by British Land and leased to the supermarket company over a period of 20 years.
Sainsbury's revealed it plans to add another 500,000 sq ft of space by applying for planning permission to extend 25 of the stores.
Chief executive Justin King said the venture was an "excellent opportunity" to continue expanding the company after recent strong results.
These include a £2.7 billion increase in food sales over the last three years - beating the target of £2.5 billion - as well as a 4.1 per cent increase in like-for-like sales excluding fuel in the past 12 weeks.
Sainsbury's stated that as of March last year it had a total of 788 retail outlets in the UK.
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