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up to 10,000 homes to be built with sale of 14 Tesco development sites



Britain's largest retailer Tesco has agreed the sale of 14 development sites to a fund and clients advised by the real estate investment manager Meyer Bergman for 250 million pounds ($386.8 million) as part of its property retrenchment.

Tesco, which reported one of the biggest corporate losses in history early in the year, said the deal was part of its drive to strengthen its balance sheet by building fewer stores.

"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," said Tesco CEO Dave Lewis.


Half Year Results 2015/16 | Tesco PLC



Tesco said in a statement on Thursday that it had reached completion on 11 sites with deals on the remaining sites expected to complete in due course. ($1 = 0.6463 pounds) (Reporting by Kate Holton; editing by Sarah Young)

Some 10,000 homes could be built on the sites in London, the South East and Bath.

These fourteen for sites suitable for mixed-use and residential development , marks further progress against Tesco's strategic priority of protecting and strengthening its balance sheet.

Tesco and Meyer Bergman, the pan-European real estate investment manager, have reached completion on eleven sites, with the remaining sites due to complete in due course.




The development sites being sold by Tesco include:
- Fulham High Street
- Highams Park (next to existing Tesco store)
- Hounslow (Hounslow bus garage)
- Lewisham (next to existing Tesco store)
- New Barnet (East Barnet Road)
- St Albans (London Road)
- Tolworth (Former MOD site next to Tolworth Broadway and A3)
- Hillingdon Master Brewer Site (Hillingdon Circus)
- Woolwich Phase 3 and 4 (next to existing Extra store)
- Epsom (Upper High Street)
- Kensington (next to existing Cromwell Road store, pictured below)


Kensington Tesco


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