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Asda to enter property development market
31 July, 2007Asda is branching out into property development, according to property magazine Estates Gazette
Asda is branching out into property development, according to property magazine Estates Gazette.
The move will see the supermarket company unlocking the value of the land surrounding its stores.
This follows attempts by property tycoon Robert Tchenguiz to persuade Sainsbury's to capitalise on the surplus land from its stores.
Asda, however, is currently keeping its plans under wraps.
A spokesman for Asda said: "We are considering a range of opportunities for building out our estate but cannot comment further at present."
Estates Gazette reports that Asda has started to examine the land adjoining its 330 stores and depots.
The first project is said to be a local headquarters for Barclays in Poole on Asda's land, with the idea of developing the building and then leasing it to Barclays. This development will occupy 100,000 sq ft.
Newcastle-based housebuilder Bellway has issued its half year results, showing a decline in completed sales of 14.2 per cent.
Balfour Beatty has surprised many analysts with its half year results reporting a £95 million profit, it has been reported.
British Energy's underlying profits for its first quarter to June 2008 were recorded as half that of the year previous, it has been announced.
IT management firms are among those benefiting from the ongoing credit crunch, it has been reported, after it was found that the economic squeeze has been a driving force for companies outsourcing their information technology.
British Gas owner Centrica has raised its bid for British Energy with the introduction of a cash offer, following a rejection by the government of its earlier bid.