Sainsbury’s buys 10 Homebase stores in growth drive
Sainsbury’s has acquired 10 Homebase leasehold stores from the DIY chain’s owner HHGL for conversion into supermarkets.
The total investment for the acquisition, which includes lease costs, acquisition premiums and fit-out expenses, is projected to be around £130m. The deal is expected to complete in early September.
The acquired stores are in Sutton Coldfield, Bromsgrove, Cromer, Lowestoft, Fareham, Newark, Rugby, Inverurie, Londonderry and Omagh.
Sainsbury’s has acquired 10 Homebase leasehold stores from the DIY chain’s owner HHGL for conversion into supermarkets.
The total investment for the acquisition, which includes lease costs, acquisition premiums and fit-out expenses, is projected to be around £130m. The deal is expected to complete in early September.
The acquired stores are in Sutton Coldfield, Bromsgrove, Cromer, Lowestoft, Fareham, Newark, Rugby, Inverurie, Londonderry and Omagh.
After conversion, the store floor areas will range between 15,000 and 40,000 sq ft, adding approximately 235,000 sq ft to the retailer’s supermarket trading space. The first store is expected to open next summer and Sainsbury’s expects to convert all of the sites by the end of 2025.
Sainsbury’s says this expansion will place nearly 400,000 more people within a 10-minute drive of one of its supermarkets.
Simon Roberts, chief executive of Sainsbury’s, said: “Sainsbury’s food business continues to go from strength to strength as we push ahead with our ‘Next Level Sainsbury’s’ plan… We want to build on this momentum, which is why we are growing our supermarket footprint.”
Photo © Sainsbury’s
