Tesco sells 14 Spenhill development sites for Â£250 million
Tesco has agreed the sale of fourteen Spenhill development sites in London, the South East and Bath for Â£250 million as it looks to strengthen its balance sheet.
The sites are being sold to a fund and clients advised by Meyer Bergman and are suitable for mixed-use and residential development.
Tesco and Meyer Bergman have reached completion on eleven sites, with the remaining sites due to complete in due course.
Dave Lewis, Tesco chief executive, said: “Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites. 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.”
Tesco will be working with Meyer Bergman and local councils in the coming weeks to complete a formal handover.
Markus Meijer, chief executive at Meyer Bergman, 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.”
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