Electricals group Dixons, owner of chains including Currys and PC World, has agreed a £59m sale and leaseback of its Nordic distribution centre.

The deal on the warehouse in Jonkoping, Sweden, had been expected for some time and cash raised will be used for “general corporate purposes” including bond repayments and offsetting drawings on Dixons’ overdraft facility.

A syndicate of investors is buying the warehouse and the deal is expected to be completed in late June.

Seymour Pierce analyst Kate Calvert said: “This transaction had already been flagged by the management and should reassure.”