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Morrisons inks £370m property deal

Morrisons inks £370m property deal

Morrisons is to wipe £370m off its debt pile following a 45-year ground rent deal with real investor Song Capital.

The private equity-backed supermarket has agreed for the investment firm to earn an income stream from 75 of its stores until 2069, Sky News reported.

The grocer will retain ownership of the stores’ freehold.

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The deal is understood to be announced alongside Morrisons’ quarterly results tomorrow.

The retailer was bought out by Clayton Dubilier & Rice in October 2021 in a near £10bn deal with the condition of not disposing of the stores freeholds.

However, that condition is understood to have expired and Morrisons is set to receive a £370m cash boost.

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