British Land sells Sainsbury’s superstores for £429m


British Land has offloaded Sainsbury superstores for £429m as they continue to reduce their exposure to retail property.

On Tuesday morning British Land announced they are selling 12 superstores from their joint venture with Sainsbury’s.

The landlord’s share of the deal will be £193.5m, the group said, “representing a modest premium to September 2018 book value.”

“We have a clear view of the value of our assets and despite the clear challenges currently in the retail market, we remain opportunistic and proactive.”