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)