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Asda is reportedly in advanced discussions to sell around 20 stores to US investment firm Blue Owl Capital in a deal worth approximately £400m, according to Sky News.
The sale-and-leaseback transaction would see the Leeds-based supermarket retain control of the sites while raising funds to support its ongoing turnaround efforts.
Sources familiar with the talks told Sky News that Blue Owl, a New York-listed asset manager, has emerged as the leading bidder and an agreement could be finalised within weeks, according to sources familiar with the talks.
The move comes as Asda seeks to improve its competitiveness against both mainstream and discount rivals.
The outlet reported that chair Allan Leighton’s strategy includes sharper pricing, improved stock availability and greater cost efficiencies.
Asda completed a similar deal in 2023, raising £650m through a sale-and-leaseback agreement with US-based Realty Income Corporation.
Eastdil, the real estate investment bank, is running the sale process.
A spokesman for Asda told Sky News: “Sale-and-leaseback [transactions] have been a feature of the retail industry for many years.
“While maintaining a strong freehold base remains central to Asda’s property strategy, we will consider suitable opportunities to unlock value from our property portfolio as part of our material programme of investment into the business.”
Asda has been contacted for comment.
