Asda has agreed to sell a number its of supermarkets and a depot in an effort to strengthen its financial position.
The debt-laden supermarket group announced it would raise £568m through the sale of these sites, which it will then lease back and continue to operate.
Two separate buyers have agreed to acquire a total of 24 stores and a depot managed by the retailer.
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Leeds-based Asda said all locations will continue to function as usual, with no changes for their employees.
Ten of the stores and an Asda depot in Lutterworth, Leicestershire, will be sold to US investment firm Blue Owl Capital, while another ten will be sold to a joint venture between Blue Owl and Supermarket Income REIT (real estate investment trust).
Asda stated that an additional four stores will be sold to London-based DTZ investors.
Both transactions will see Asda leasing back the properties on 25-year lease agreements, with options to extend by an additional ten years.
It is understood that these deals are part of efforts to enhance Asda's financial standing as it continues to implement turnaround plans to improve its performance under the leadership of Allan Leighton.
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An Asda spokesperson said: "Asda's property strategy is centred on maintaining a strong freehold base while also taking a considered and selective approach to unlocking value from our estate where appropriate.
"These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control."
The firm is scheduled to provide an update on its third-quarter trading and current financial status next week.
According to its most recent annual accounts, Asda had a net debt of £3.8 billion at the close of 2024. The group is primarily owned by TDR Capital, with Lancashire billionaire Mohsin Issa retaining a minority stake.
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