Asda’s prospective new owners are looking to raise £1.2bn from the sale of the supermarket chain’s logistics and distribution network, according to reports.
The Issa brothers, who own petrol empire EG Group, have taken on Eastdil Secured to prepare a sale and leaseback of Asda’s distribution centres, ahead of their £8.6bn takeover of the supermarket chain.
The distribution assets, which total almost seven million sq ft, could be split up into three or four packages.
The portfolio includes the supermarket chain’s distribution centres in Heston, Dartford, Bristol, Washington, Wakefield, Didcot and Lutterworth.
Asda also operates a core 1,000-strong fleet of trucks which the supermarket had planned to transition from diesel to gas by 2024.
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The sale of Asda’s logistics and distribution assets is not expected to be finalised until the acquisition of Asda is complete.
Brothers Mohsin and Zuber Issa and TDR agreed to buy a majority stake in Asda from US giant Walmart in October this year.
The joint £6.8bn bid to buy Asda is currently being investigated by the UK’s competition watchdog.
Earlier this month, the CMA said it had formally launched a phase one probe into the Asda deal after the European Commission referred the deal to the UK.
The CMA has invited interested parties to comment by 22 December with a phase one decision deadline set for 18 February 2021.