Wal-Mart has appointed UBS to explore a number of strategic options, including the possible sale of the Gazeley Group, Asda’s property development group.

Gazeley is a market leader in the development of distribution warehousing in the UK, Europe and China and has also extended its operations to India and Mexico. It is also the preferred developer for distribution space for Wal-Mart’s international operations, including China.

Asda chief executive Andy Bond said: “This is not a core business for us. We have previously had several unsolicited approaches for Gazeley and have now decided to review our strategic options, which might include a sale of the business.”

Last year, Gazeley invested£325 million in new warehousing space across Europe .

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