Asda ready to find buyers for Gazeley property business
11/03/2008
Asda, the Wal-Mart owned UK supermarket chain, is seeking a buyer for Gazeley, its global property development business, in a deal worth £400m.Gazeley is one of the biggest industrial property developers in the UK and also operates across Europe, India, Mexico and China. The sale is likely to attract interest from its rivals including San Francisco's AMB and Australia-based Goodman International.Gazeley operates as a separate business, whilst providing Wal-Mart and Asda with distribution and storage warehouses across the world. It was bought by Wal-Mart as part of its takeover of Asda in 1999.Gazeley has a large undeveloped land bank, with 20 sites in the UK and more across continental Europe and Asia.This untapped potential forms a significant part of the value of the business.
