Tesco has agreed to sell 14 mothballed supermarket sites to a property firm in a £250m deal.
Tesco and Meyer Bergman, the pan-European real estate investment manager, have reached completion on 11 sites across London, the South East and Bath, with the remaining sites set to complete in due course.
The deal is part of the multiple’s strategy to protect and strengthen its balance sheet.
Tesco announced plans earlier in the year to shelve plans for 49 new sites, and close 43 unprofitable stores.
Chief executive Dave Lewis said: “Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites. We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development.
”We will be working with Meyer Bergman and local councils in the coming weeks to complete a formal handover and look forward to the delivery of investment on these sites.”