October 15, 2015 / 6:18 AM / 4 years ago

Tesco agrees sale of property sites for 250 million pounds

The signage of Tesco Extra is silhouetted against the sun in southwest London September 22, 2014. REUTERS/Luke MacGregor

LONDON (Reuters) - Britain’s biggest retailer Tesco (TSCO.L) has agreed the sale of 14 development sites to a fund and clients advised by the real estate investment manager Meyer Bergman for 250 million pounds as part of its property retrenchment.

Tesco, which reported one of the biggest corporate losses in history in April, said the deal was part of its drive to strengthen its balance sheet by building fewer stores.

“We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development,” said Tesco CEO Dave Lewis.

Tesco said in a statement on Thursday that it had reached completion on 11 sites with deals on the remaining sites expected to complete in due course.

Reporting by Kate Holton; editing by Sarah Young

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