// Asda billionaire owners hire adviser to offload the grocer’s logistics portfolio
// Issa brothers and private equity firm TDR Capital have lined up advisers Eastdil Secured
// The process is not expected to be finalised until the acquisition of the grocer is complete
Asda owners Issa brothers have reportedly drafted in advisers to prepare for the sale of the Big 4 grocer’s logistics portfolio.
The brothers who own petrol empire EG Group, and private equity firm TDR Capital have collectively lined up advisers Eastdil Secured to market Asda’s logistic network to prospective buyers.
However, the process is not expected to be finalised until the acquisition of the supermarket chain is complete, React News reported.
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The structure of the deal is yet to be finalised but is likely to comprise 25 assets including the supermarket’s distribution centres in Heston, Dartford, Bristol, Washington, Wakefield, Didcot and Lutterworth.
The proposed sale is expected to include around seven million sq ft worth of assets, which is expected to draw in between £1 billion and £1.2 billion and is likely to be divided into three to four packages.
It is also expected to attract many interested buyers due the surge in demand for warehouse space following the uplift in online retail during the Covid-19 pandemic.
Asda’s planned £6.8 billion takeover by the billionaire Issa brothers and TDR Capital is currently being investigated by the UK’s competition watchdog.
Earlier this month, the CMA said it formally launched its so-called phase one probe into the Asda deal after the European Commission referred the deal to the UK.