Tesco has sold fourteen development sites to property management company Meyer Bergman for £250m.

The sites were owned by the supermarket chain's Spenhill development arm and are based across London, the South East and Bath.

They are suitable for mixed-use and residential housing.

Both Tesco and Meyer Bergman have reached completion on eleven sites, with the remaining sites due to complete in due course.

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Dave Lewis, Chief Executive of Tesco, said: "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."

Markus Meijer, CEO at Meyer Bergman, added: "We see this investment as an opportunity to give new impetus to the Spenhill projects, to make Tesco's place-making ambitions for the sites happen and to make an enduring contribution to local communities."

(LM/MH)