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Nicholas Cage

Sainsbury's & British Land Team Up For £1.2bn Deal

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British Land have done well during the crash BLND Sainsburys SBRY are already doing well. Will be interesting to see what the share price does today.

Sainsbury's £1.2bn property deal

Sainsbury's store

Sainsbury's says it aims to create better value for its shareholders

Sainsbury's has teamed up with British Land to create a £1.2bn joint venture to run 39 superstores across the UK.

The supermarket said it would invest £273m into the new firm, in which it will have a 50% stake.

The stores are currently owned by British Land and leased to Sainsbury for 20 years. The new scheme is aimed at delivering better shareholder value.

The news came as Sainsbury's reported a 4.1% rise in like-for-like sales during the 12 weeks to 22 March.

"This venture is an excellent opportunity for Sainsbury's to increase our interest in the future extension and development of many of our most important stores," said Justin King, Sainsbury's chief executive.

"This will enable us to enhance the customer offer, increasing both the trading and property value of these assets," he added.

Edited by maxwell

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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