Flexible lease deal struck
Kingfisher has sold seven B&Q Warehouse stores to property company British Land for£198 million.

The stores, all about 100,000 sq ft (9,300 sq m), are in Ashford, Bury, Exeter, Glasgow, Grimsby, Lincoln and North Shields. In total, they account for 7 per cent of Kingfisher's property portfolio.

Kingfisher has insisted on a deal incorporating flexible leases, which will enable it to dispose of the stores easily should it want to in future. Rents will be paid monthly in advance and will increase annually with inflation.

'Kingfisher is taking advantage of the buoyancy in the direct property investment market to finance its operational business at attractive rates,' said Kingfisher property director Terry Hartwell.

Topics