J Sainsbury plc has agreed a deal in which it will acquire the freehold of 21 of its stores.
The supermarket group will pay £430.9m to acquire the remaining 51% stake it did not already own in the Highbury and Dragon investment vehicles, comprising the freeholds of 26 Sainsbury’s supermarkets which are leased to the retailer.
Of these stores, 21 will continue to be operated as Sainsbury’s supermarkets and Sainsbury’s intends to sell the remaining five stores.
The transaction is expected to be completed on 17 March 2023, with the consideration of £430.9m (excluding costs) to be paid in three tranches: £279.3m on 17 March 2023 followed by £116.9m on 10 July 2023. The third tranche of £34.7m is conditional on the sale of the remaining five stores.
Sainsbury’s operates more than 600 supermarkets and 800 convenience stores across the UK.
