Blue Owl Capital acquires €551m Asda supermarkets portfolio

Global asset manager Blue Owl Capital has acquired a significant UK grocery real estate portfolio from supermarket chain Asda.

Asda Express store

The £466.7 mln (€551.1 mln) sale-and-leaseback deal includes twenty freehold supermarkets (nineteen omnichannel stores) and one distribution centre, strengthening Blue Owl's position in the UK grocery property market.
The transaction highlights the appeal of long-income, inflation-linked supermarket assets.
Ben Green, principal at Atrato Group, said: “Atrato is proud to have supported Blue Owl in this significant asset acquisition from Asda, allowing them to meaningfully grow their presence in the UK grocery sector. This transaction highlights Atrato’s continued expertise in the supermarket and triple net lease property sectors and its commitment to delivering value for clients across the commercial real estate landscape.”
Last week, Asda announced it has completed a sale and leaseback agreement for 24 stores and its Lutterworth depot, generating a total of £568 mln. Four stores (Small Heath, Colindale, Coventry Abbey Park, and Killingbeck) were sold to DTZ Investors, while the remaining twenty stores and the Lutterworth depot were acquired by Blue Owl Capital. All properties are subject to 25-year lease agreements, with an option for a 10-year renewal. Asda will continue to operate these locations normally, with no impact on employees.
Atrato Group advised Blue Owl Capital on the acquisition.