Asda’s owners have said they will put £450m of equity into its merger with the EG Group UK forecourts business, but that will be funded by property sales.
The injection will come entirely out of the £1.7bn the Issa brothers and TDR Capital received from the sale of 27 Asda warehouses to investment giant Blackstone in a top-of-the-market sale and leaseback deal in 2021.
As well as the proceeds from the warehouse sale, the Issas and TDR are funding the Asda acquisition with £1.1bn from a planned sale and leaseback deal on Asda supermarkets.
Despite the property sales, Asda will still own £9.6bn of real estate.
The Issas and TDR put just £200m of equity into the initial £6.8bn acquisition of Asda in 2020.
