Property company cites poor UK retail market as reason for joint venture saleSainsbury’s and British Land have sold 12 superstores to a US property investment company for £492m, amid a struggling retail property market.The sale to San Diego-based Realty Income Corporation will give Sainsbury’s net proceeds of £133m. British Land’s share of the sale will be £193.5m, although net proceeds will only be £95m after debt and contract break costs, it said in a statement to the stock market on Tuesday. Continue reading…
Via: Sainsbury's and British Land sell 12 superstores to US firm for £492m
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