15th Oct 2015 06:17
LONDON (Alliance News) - Tesco PLC on Thursday said it has agreed to sell 14 Spenhill development sites in London, the South East and Bath for GBP250.0 million.
The development sites are suitable for mixed-use and residential development and have been sold to clients advised by Meyer Bergman, the European real estate investment manager. Spenhill is Tesco's property arm.
Tesco said 11 of the site sales have been completed, with the remainder to be done in due course.
"Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites. We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development," said Tesco Chief Executive Dave Lewis.
By Sam Unsted; [email protected]; @SamUAtAlliance
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