Real Estate

British Land offloads Sainsbury’s stores for £429m

Property company slims down retail portfolio, allowing a US buyer to strike its first international deal

British Land, one of the UK's largest property developers, is selling a group of supermarkets for £429m as it looks to cut its exposure to the country's under-pressure retail sector.

The FTSE-listed property company, which is behind office campuses including Broadgate in the Square Mile, has agreed to sell 12 superstores from a joint venture with Sainsbury’s to Realty Income Corporation.

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