Morrisons seals £220m logistics sale & leaseback deal

Supermarket chain, Morrisons has completed a £220m sale and leaseback transaction with asset manager, ICG.

The transaction involves seven logistics properties around the UK. As part of the transaction, Morrisons has undertaken to lease the properties for up to 25 years from completion.

Jo Goff, Chief Financial Officer at Morriosons, commented, 'We continue to invest in our strategy of becoming a broader, stronger, more popular and more accessible business and this transaction will help to finance further investment.

'The acquisition of McColl’s earlier this year gave us a leading position in the UK convenience market and next year we plan to open a further five supermarkets across the UK, and to invest further in our manufacturing operations.”

Morrisons, which recently lost its status as Britain's fourth largest supermarket group by market share to discounter Aldi, has been owned by U.S. private equity firm Clayton, Dubilier & Rice for just over a year.