New Morrisons owner reported to have sanctioned £500m property sale
The new private equity owner of Wm Morrison will reportedly go ahead with plans to sell a £500m property portfolio, months after completing its £7bn takeover of the Bradford-headquartered supermarket chain.
Sky News has today said the business is appointing advisers to oversee the disposal of a large part of Morrisons’ manufacturing and distribution facilities across the UK.
If it completes, the real estate auction will be among the most significant moves to date authorised by Morrisons’ new owner – Clayton Dubilier & Rice (CD&R).
As part of its efforts to gain the support of pension trustees and other stakeholders, CD&R said it would not conduct a substantial sale-and-leasebacks of Morrisons’ store portfolio.
The undertakings given by CD&R, which did not incorporate manufacturing or logistics property assets, are binding for 12 months following the completion of its acquisition.
