An escape hatch for retailer with too much space?
Boots group has signed a£300 million sale-and-leaseback deal involving 312 smaller stores with REIT Asset Management, acting on behalf of property entrepreneur Leo Noe.
The stores represent just over 20 per cent of the retailer's 1,400-store portfolio. Under the terms of the agreement, it is understood that Boots can relinquish any of the stores at any time, as long as it gives REIT sufficient notice.
The news comes as Boots chief executive Richard Baker is understood to have declared that he has surplus selling space on his hands and is trying to find tenants to fill it.
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