Asda has agreed to sell 24 of its store sites and a depot in a deal that will raise £568m.

The supermarket chain has sold four stores – in Small Heath, Colindale, Coventry Abbey Park and Killingbeck – to London-based DTZ Investors which will be leased back.

Another 20 stores and the Lutterworth depot have been sold to US investment firm, Blue Owl Capital, and leased back.

Asda confirmed that all properties are subject to 25-year lease agreements, with a contractual option to renew for an additional 10 years at each renewal point.

The Leeds-headquartered supermarket said it would continue to operate all sites as normal, with no changes for colleagues working in these locations.

An Asda spokesperson said: “Asda’s property strategy is centred on maintaining a strong freehold base while also taking a considered and selective approach to unlocking value from our estate where appropriate.

“These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control.”

Asda, which had £3.8bn in net debt at the end of 2024, will report its Q3 trading results next week.

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