John Lewis Partnership aims to generate £150m from the sale and leaseback of 12 Waitrose stores as it seeks to bolster its finances.
Marketing of the branches, mainly in southern England with 20-year, inflation-linked leases, is expected to begin next week, the Evening Standard has reported.
The troubled retailer, which owns the John Lewis department store business as well as grocer Waitrose, is understood to have commissioned agent CBRE to work on the project, though sources said it was not certain a deal would be done on the stores.
The potential property sale follows a difficult period for the Partnership, which reported earlier this month, as it posted a first-half loss, that the completion of chair Dame Sharon White’s transformation strategy would take two years longer than expected.
The retailer’s transformation requires investment in areas such as technology and a property deal may contribute towards its funding – such as improving the Waitrose supply chain.
Earlier this year, it was reported the partnership might seek to bring in external investment, prompting concern that its unique business model might be threatened. However, that model also means its options for raising capital are more limited than those open to conventional companies.
The partnership and CBRE declined to comment to the Evening Standard about the sale and leaseback of Waitrose stores.
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