Supermarket chain Morrisons has entered a £370m sale-and-leaseback agreement with Song Capital in which it will offload 76 of its ground rents.
Song Capital will receive an income stream from 76 of the chain’s supermarkets for the next 45 years as part of the deal.
Morrisons will retain ownership of the stores’ freehold.
The deal is expected to complete on 2 October.
Morrisons will receive net proceeds of £331m from the deal.
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