British Land has sold a dozen Sainsbury’s superstores for £429m as it reduces its exposure to retail property.
The FTSE 100 group said that it had sold 12 stores, part of a joint venture with Sainsbury’s, to Realty Income Corporation, a New York-based investor.
The sale price represents a 7.4% discount to the portfolio’s peak valuation at £463.1m in 2007. British Land’s interest in the properties accounted for £193.5m of the total figure, which it said was a “modest premium” to its value in September.
