British supermarket chain Asda has generated £568m ($743m) by selling 24 supermarket sites and a distribution depot and immediately leasing them back under long-term agreements. 

The grocer confirmed that four locations - Small Heath, Colindale, Coventry Abbey Park and Killingbeck - have been acquired by DTZ Investors, with Asda remaining as tenant.  

A further 20 stores, along with its Lutterworth distribution centre, have been sold to Blue Owl Capital on the same sale-and-leaseback basis. 

Each of the properties is now subject to leases of 25 years, with options to extend the agreements by a further decade at each renewal point. 

Asda will continue to run all of the impacted stores and the depot. There will be no operational changes for staff at these sites. 

An Asda representative stated: “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.” 

In November 2025, Asda announced a series of changes across its senior leadership teams as it positions the business for growth in 2026. 

Andy Newton will join in January as vice-president for property, taking responsibility for estates, acquisitions, store development and overall property strategy.  

Newton brings experience from senior property roles at Safeway, Morrisons and Poundstretcher. 

In October, Asda expanded the presence of standalone George stores with a new opening in Hull, England, signalling a strategic shift away from its Asda Living brand. 

The launch on 31 October 2025 followed a successful pilot of the concept in Leeds earlier in the year. 

The Hull store, situated at Anlaby Retail Park, highlights George’s clothing and homeware selections.