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Tesco agrees deal with Meyer Bergman to sell 14 Spenhill sites for £250m

Tesco has sold 14 development sites across London, the South-east and Bath for £250m.

The sale of 11 of the sites has completed, with three more to follow. The sites have been sold to Meyer Bergman on behalf of a third party.

The sites are suitable for mixed-use and residential development.

Tesco has prioritised strengthening its balance sheet after a turbulent couple of years of profit warnings.

In April, the company said it had written down the value of work in progress by £925m as a result of its decision to scrap 49 new supermarkets in its pipeline, announced in January.

Chief executive Dave Lewis said: “Since announcing our decision to build fewer stores, we have been working with Meyer Bergman to bring forward investment on our Spenhill sites.

“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.”

Meyer Bergman chief executive Markus Meijer said: “We see this investment as an opportunity to give new impetus to the Spenhill projects, to make Tesco’s place-making ambitions for the sites happen and to make an enduring contribution to local communities.”

The BBC reported 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 three and four (next to existing Extra store)
  • Epsom (Upper High Street)
  • Kensington (next to existing Cromwell Road store)

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