The Issa brothers, owners of UK supermarket chain Asda, are reported to be considering the sale of around £500 mln (€585 mln) of Asda stores to reduce debt on the portfolio.
According to those close to the deal, Australian firm Macquarie Asset Management are in negotiations to acquire the ground rents of around 50 supermarkets for an agreed term of 50 years.
Brothers Mohsin and Zuber, who are backed by TDR Capital, would be able to buy back the stores at the end of the term and would pay below-market rents on the assets in the meantime.
Earlier this year, Asda's owners sold off 25 stores to American firm Realty Income for £650 mln in a sale-and-leaseback arrangement.
The brothers have also been reported to be weighing up the sale and leaseback of the group's entire real estate portfolio.
The deal for Asda will cost the Issa brothers around £6.8 bn in 2021, including £2.75 bn of debt as part of the purchase from Walmart.
