Home Business Tesco is selling its sites to Meyer Bergman for £250m

Tesco is selling its sites to Meyer Bergman for £250m

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Supermarket Tesco is shelving plans to open 49 large supermarkets and is selling off more than a dozen sites to a property company in a £250m deal. Asian Lite reports

tesco storeSome 10,000 homes could be built on the sites in London, the South East and Bath.

They are part of nearly 50 projects which Tesco said earlier this year it was abandoning, many of which are now derelict.

The decision was part of the supermarket’s revival strategy, reports BBC news.

Tesco is selling the sites to Meyer Bergman, a property investment firm.

Markus Meijer, its chief executive, said the investment would give new impetus to the abandoned Tesco projects.

Tesco said in January that it was shelving plans to open 49 large supermarkets – some of which had already been built – as well as closing 43 unprofitable stores.

However, the decision to abandon planned new stores attracted criticism. Pat McFadden, Labour MP for Wolverhampton South East, where a major supermarket plan was mothballed, said that the local community felt let down.

Alan Stewart, chief financial officer, told BBC Radio 4’s Today programme that Tesco would not be developing stores on the mothballed sites it still owned.

“We don’t have the resource to put into these developments,” he said. “The right decision for us and the business is not to go ahead.”

The development sites being sold by Tesco include:

– Fulham High Street

– Highams Park (next to existing Tesco store)

– Hounslow (Hounslow bus garage)

– Lewisham (next to existing Tesco store)

– New Barnet (East Barnet Road)

– St Albans (London Road)

– Tolworth (Former MOD site next to Tolworth Broadway and A3)

– Hillingdon Master Brewer Site (Hillingdon Circus)

– Woolwich Phase 3 and 4 (next to existing Extra store)

– Epsom (Upper High Street)

– Kensington (next to existing Cromwell Road store

 

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