Bradford-based supermarket giant Morrisons said it completed a £220 million sale and leaseback transaction with asset manager ICG.

The transaction involves seven logistics properties around the UK.

Morrisons has undertaken to lease the properties for up to 25 years.

US private equity firm Clayton, Dubilier & Rice completed a £7 billion takeover of Morrisons earlier this year.

Chad Brown, Managing Director at ICG Sale and Leaseback, said: “The Morrisons portfolio is a prime example of the mission critical real estate we are seeking to acquire.

“We look forward to working with Morrisons as they continue to grow their footprint.”

Morrisons Chief Financial Officer Jo Goff said: “We continue to invest in our strategy of becoming a broader, stronger, more popular and more accessible business and this transaction will help to finance further investment.

“The acquisition of McColl’s earlier this year gave us a leading position in the UK convenience market and next year we plan to open a further five supermarkets across the UK, and to invest further in our manufacturing operations.”