Morrisons offloads further stores in £100m deal

SUPERMARKET group Morrisons has agreed to offload a series of stores in a £100m deal as part of its sale-and-leaseback plans.

Aberdeen Asset Management is under offer on two stores in Reading and Darlington while the Universities Superannuation Scheme has agreed to buy the Bradford-headquartered grocer’s High Wycombe branch, according to Property Week.

The sales follow the supermarket’s announcement of plans for a £500m sale-and-leaseback strategy in April.

M&G Real Estate acquired three stores for around £110m towards the end of 2014, and is also expected to complete the purchase of a fourth Morrisons store, at the Killingworth Centre, near Newcastle, for around £30m this month.

The seven sales are expected to generate £260m for the sturggling retailer.