Leeds-based supermarket group Asda confirmed it has reached a sale and leaseback agreement on 24 stores and its Lutterworth depot with two separate buyers, raising a total of £568 million.

Asda is owned 67.5% by TDR Capital, 22.5% by Mohsin Issa, and 10% by Walmart Inc.

The key elements of these transactions are:

• Four stores (Small Heath, Colindale, Coventry Abbey Park and Killingbeck) have been sold to DTZ Investors and leased back.

• Twenty stores and the Lutterworth depot have been sold to Blue Owl Capital and leased back.

• All properties are subject to 25-year lease agreements, with a contractual option to renew for an additional 10 years at each renewal point.

• Asda will continue to operate all sites as normal, with no changes for colleagues working in these locations.

An Asda spokesperson said: “Asda’s property strategy is centred on maintaining a strong freehold base while also taking a considered and selective approach to unlocking value from our estate where appropriate.

“These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control.”