PARK ROYAL: Impression of the future development in Ealing
Photo credit: asda.com
Asda will take advantage of its property assets and reduce its debt by selling land covered by one of its largest London supermarkets.
Co-owners billionaire Zuber and Mohsin Issa and London-based TDR Capital intend to sell the freehold of the 10-acre (4-hectare) Park Royal superstore in Ealing to Britain’s biggest housebuilder, Barratt.
Subject to planning permission, Barratt will redevelop the site, constructing a 60,000-square foot (5,570-square metre) Asda store and 1,500 homes.
Barratt will meet the cost of the new £30 million (€34.94 million) store and also pay for the land. No mention was made of the sums involved, although Barratt West London’s managing director Craig Carson was prepared to say they were “significant.”
By the end of 2023, Asda was £3.8 billion (€4.42 billion) in debt, paying £441 million (€513.7 million) interest on loans dating from 2021. Asda refinanced £3.2 billion (€3.73 billion) of its debt earlier in May in order to “strengthen our balance sheet” according to chief financial officer Michael Gleeson.
Ian Lawrence, who heads Asda’s Mixed Use Development department, revealed that the company plans to sell six other sites in London for redevelopment, enough to build 10,000 homes over the next five or six years.
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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