Wal-Mart is to sell Gazeley, the property development subsidiary of Asda, to Dubai World company Economic Zones World.
The US grocery giant started the sale process in March and it is expected to complete by the end of July. Gazeley is one of the largest developers of distribution warehousing in the UK, mainland Europe and China and has extended its operations to India and Mexico.
“We believe this sale will enable us to focus more on our retail operations,” said Wal-Mart Stores vice-chairman Mike Duke.
“Since the development of distribution warehousing for third-parties is not a core business for us, Gazeley will be able to better serve its customers as part of an organisation such as EZW, which is committed to providing the necessary resources and investment for further expansion.”
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