The sale – described by Britain’s biggest retailer as “further progress against Tesco's strategic priority of protecting and strengthening its balance sheet” – was made to property investment firm Meyer Bergman. The land, at 14 sites across London, the South East and Bath, was said to be suitable for mixed-use and residential development.
Tesco boss Dave Lewis said the business had been in talks with Meyer Bergman over the sale of the Spenhill sites, after announcing its decision to build fewer stores.
“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,” said Lewis.
“We will be working with Meyer Bergman and local councils in the coming weeks to complete a formal handover and look forward to the delivery of investment on these sites.”
Ceo of the pan-European real estate investment firm Markus Meijer said: “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.
“Backed by long-term and prudent global institutional capital, Meyer Bergman has a wealth of experience and expertise in the development and asset management of mixed-use properties. We look forward to engaging with local stakeholders so that immediately we can start moving the various Spenhill projects forward.”
The retailer revealed in January its decision to ditch plans to 49 large supermarkets and close 43 unprofitable stores. The change of emphasis was a key part of Lewis’s revival plan for the troubled retailer.