REG - Sainsbury(J) PLC - Property Transaction Update

J SainsburyAnnouncement

26/09/2022 07:15

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RNS Number : 5910A  Sainsbury(J) PLC  26 September 2022

26(th) September 2022

J Sainsbury plc

 

Property transaction update

 

Sainsbury's announced on September 21(st) that it was in discussions to sell
18 supermarket stores to LXi REIT plc on a sale and leaseback basis.

 

LXi REIT has this morning announced that given current stock market volatility
it is not proceeding with the share issue that would have part-funded the
transaction. Hence we are no longer in discussions to sell these stores to LXi
REIT. This will have no impact on our financial guidance.

 

We stated on September 21(st) that if the LXi transaction were to proceed, the
cash received from this transaction would have been used to part-fund the
purchase of 21 freehold Sainsbury's supermarkets from the Highbury and Dragon
portfolios.

 

The purchase of these 21 stores will complete in the first half of the
financial year to March 2024. Given the strength of the Sainsbury's balance
sheet and property portfolio, we have a wide variety of alternative options to
finance this transaction.

 

ENDS

 

Enquiries

 

Investor Relations
Enquiries                                   Media
Enquiries

James Collins   +44 (0) 20 7695
7112                            Rebecca Reilly
+44 (0) 20 7695 7295

 

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