Construction News

28/03/2008

Sainsbury's Announces Deal With British Land

Sainbury's has announced it has entered into a £1.2bn deal with British Land.

The company is set to buy back a half share of 39 supermarket sites, and specific plans include the extension of 25 stores by about 500,000 square feet, in line with the firm's target to boost its sales area by 10% by 2010.

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Sainsbury's is investing £273m in the 50-50 joint venture.

Sainsbury's Chief Executive, Justin King, said: "It only makes sense to invest in a site if you own it, because the value accretes to landlord rather than tenant. British Land owns about 8% of Sainsbury's stores so in one fell swoop we have bought back a share in those sites, which gives us every incentive to develop them."

(CD/JM)

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