// Morrisons to sell-off some of its supermarkets in an effort to raise cash
// Property agents from BNP Paribas are seeking buyers for the stores
Morrisons plans to sell-off some of its supermarkets in an effort to raise cash.
The grocer‘s owner CD&R is seeking to sell and lease back five Morrisons supermarkets for £150 million in what will be the first such deal to be sanctioned in its 123-year history.
Property agents from BNP Paribas are seeking buyers for the stores, which will come with 20-year leases and rent uplifts linked to inflation, The Sunday Times reported.
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CD&R won the £7 billion auction for Morrisons a year ago and had the takeover approved by the CMA in June this year.
The US private equity firm beat fellow bidder Fortress to the deal, and said it did not intend to launch “any material store sales or leasebacks”.
CD&R is already planning to sell and leaseback warehouses and food manufacturing sites.
Morrisons owns 86% of its 497 supermarkets – a higher proportion than any of its major grocery rivals.