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(Sharecast News) - Asda is reportedly in talks about a 400m deal to offload some of its supermarket real estate assets to New York asset management firm Blue Owl Capital as it looks to invest more in its turnaround plans.
According to Sky News, Blue Owl Capital has emerged as the frontrunner to buy roughly 20 Asda stores and lease them back to the Leeds-based retailer.
People close to the situation told Sky a deal could be formally agreed within weeks.
Last year, TDR acquired Zuber Issa's stake in the chain, and now owns 67.5% of its shares.
Allan Leighton's plans include competing more aggressively with mainstream and discount rivals on price, improving availability and streamlining costs more effectively.
The company has undertaken sale-and-leaseback deals on previous occasions, notably in 2023 when it struck a 650m deal with US-based Realty Inc.
An Asda spokesman declined to comment on the talks with Blue Owl Capital but told Sky: "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."
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