£110 million has already been invested in the company's pension schemes, with the remaining£240 million of the one-off contribution being paid in May. The grocer has also purchased all of its outstanding unsecured bonds, totalling£1.7 billion.
The cash was raised by issuing two commercial mortgage-backed securities, secured against 127 supermarkets.
Sainsbury's chief financial officer Darren Shapland said: 'This provides us with cost-effective long-term finance by unlocking value from our property portfolio and at the same time retains the ownership of these valuable assets. This improves the long-term funding profile of the business and provides a flexible financing platform for the future, as well as underpinning the Making Sainsbury's Great Again plan.'
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